Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

David asks…

What is the lowest I should bid for a HUD home?

We are looking at a HUD home in our city that will need about $20,000 worth of work. (while it was empty someone stole the HVAC system and hot water heater from the house) It is listed as uninsured since it needs a lot to be done to make it live-able and right now is during the 9 day window to bid. In our area, no home owner occupants are bidding on HUD homes. So what do you think is the lowest off I should bid? We were told, 85% of the asking price will be accepted, but lower bids are sometimes accepted.

Your Questions About Foreclosures

The Expert answers:

I take it that these are sealed ids and not an auction? Well, if 85% will be accepted then 60 % might be, especially if there is a shortage of bidders..you can but try.

Your Questions About Foreclosures

Richard asks…

How do I get started cleaning HUD homes?

Me and My mom would like to clean out hud homes in Indiana, my Uncle used to be a contracter for a guy and made $300.00 a house, but he is unreachable now. Can anyone help?

Your Questions About Foreclosures

The Expert answers:

Http://www.hud.gov/offices/cpo/faq.cfm

Sometimes the real estate agent’s that list them for sale get contractors.

Your Questions About Foreclosures

Carol asks…

How does one find what the current React score of a HUD rental property is?

Every year our building has an inspection of the property, files, etc., that is a deciding factor on whether or not this building continues to receive its grants from HUD. Where can I go to find out what the current React score that was based on that inspection?

Your Questions About Foreclosures

The Expert answers:

Http://www.hud.gov/offices/reac/ — Start Here.

Your Questions About Foreclosures

Nancy asks…

How long does it take to close on a HUD home?

I won a bid on Sept 4 with HUD on a home in NC. I know it says closing can be UP TO 45 days but I was wondering can it be sooner? Everything on my end is done, loan, etc…Also, the HUD attorney is in Greensboro which is about 4 hours from me…How will that work? Do we have to drive there or will they appoint someone to come here and close? I just want to move in asap! :) - Your Questions About Foreclosures Thanks!
We already have the home inspection, radon test, termite test done. Homeowners insurance DONE :) - Your Questions About Foreclosures

Your Questions About Foreclosures

The Expert answers:

Depends on the loan also. Normally, HUD requires 15days to approve an offer on the home.
If you’re doing an FHA loan it can take 30-45days.

You will need to either meet the attorney in his office or he will meet you close to where you are. That’s ridiculous!

Make sure to lock in your rate today the rates are going up!

Your Questions About Foreclosures

Ken asks…

How long after the listing date does HUD lower their asking price?

The HUD home I am interested in was listed on 9/14. There have only been two offers, one was mine. I was told by my realtor that HUD will probably lower the asking price, eventually, if there are no other offers. It’s been almost 2 weeks since I put in my first offer, and no other offers have been submitted since. Does anyone know how long HUD keeps their original asking price before lowering it?

Thanks for your answers in advance! : )

Your Questions About Foreclosures

The Expert answers:

HUD lists properties for owner-occupants only first. That listing expires on the Tuesday after the property is listed. The bidding is then opened to all bidders. At this time there is often a price reduction. If the home does not sell, there usually will be a price reduction on the second Tuesday after the propery is put on the extended listing. Even if there is not a price reduction, feel free to re-submit your original bid. It may be accepted since time has passed.

Best of luck to you.

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Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures

Your Questions About Foreclosures

Your Questions About Foreclosures