Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Mary asks…

can anyone recommend a nice section of ARIZONA to relocate. any info on HUD homes there also appreciated.?

i am looking for a nice area to settle down. short on cash so i am thinking of trying to purchase a HUD home

Your Questions About Foreclosures

The Expert answers:

HUD is ok
you must define nice.

Remember it is very hot in the middle to southern parts; the
hottest in the nation–but with our AC, we don’t care [too much].

For views, Sedona is outstanding.
For lower prices, West Phoenix.
For higher prices and beauty, Scottsdale

I am a buyer’s agent and will be glad to rep you without
any cost out of your pocket.

[AZ is also having its annual delinquent property tax
cert sales…..can explain more if desired]

Your Questions About Foreclosures

Susan asks…

How does bidding on HUD homes work?

I have a house next door to me that was just listed as a HUD home. I would like for my mother in law to try out for this home, but unsure how the process works. It first said that the bid deadline was 8-3-08 for owner occupants, so she obviously couldn’t do anything about it since it was over with. Now, it’s listed with a bid deadline date of “daily” for any bidders. Any insight on the subject would be helpful, thanks!

Your Questions About Foreclosures

The Expert answers:

Depends on what type of HUD it is and what is hud about it- the loan, the house…..
You may not qualify.
If your bidding- get an real estate agent…. It’s well worth the money because you’ll need one anyways. And it’s a little to late because you need to be prequalified and ect…. Before bidding unless your paying cash for the house.

We got a foreclosed home and our loan is HUD but it really means nothing- since it’s a normally loan but HUD was the only company willing to give us a loan on a property that need work.

Auction homes are very tricky- we a doing one now and it’s been a nightmare trying to get the title straighten out. Lot’s of problems that you have to be prepared to deal with….. Like the $800 dollar water bill they didn’t pay! Make sure the title is cleared!

Basically the short run down of auctions is-
1. You need lots of cash on hand.
2. Make sure the title is clear.
3. Be ready to make lots of repairs- and if it’s a HUD house- they tell you want to fix. Hud demands certain repairs in 6 months or they take the house away from you- we are dealing with this for a Hud loan. We paid 102, 000 for the house and HUD made us take 38,000 out in addition for house repairs. And some of those repairs are unnessary but HUD doesn’t think so- like ever freaken things needs a railing. So you have to go by hud rules.
4. You can not get a conventional loan on most foreclosed or hud homes. So you either have to have cash on hand to pay in full or get a HUD loan which as you can see above is not fun. We have to do a lot of repairs we would rather not do and again- everything has to be done in 6 months by a contractor.

It is a great way to get a house for cheaper… But it’s also a LOT of hard work and labor.

Your Questions About Foreclosures

John asks…

what is the difference in HUD homes and foreclosed homes?

first time buyer-is there a difference in the purchase process. if so, what is it? thanks!!!!

Your Questions About Foreclosures

The Expert answers:

HUD are owned by the federal housing authority. You have to meet their criteria to buy them, and they have to be primary residences.

Foreclosed homes are owned by banks. Anyone can buy them and you can use them for investments.

Your Questions About Foreclosures

George asks…

The list price for hud homes, is that the starting bid price? Can bid be lower than the list price?

We are looking to buy a house the beginning of next year. Looking at all options. Looking at hud homes and they have a list price. No one is bidding on some of these homes so if I submit a bid lower than the list price, will it be accepted?

Your Questions About Foreclosures

The Expert answers:

HUD will certainly accept lower offers, if no one else bids. Try 20% below asking price to start with.

However, we see many HUD homes sell for more than asking price, if there’s competition. Usually, that happens with nicer HUD homes that are already priced below market value.

You will get the best deals on those HUD homes that have been listed for more than 30 days, or homes that have been relisted, because another buyer did not go through with their contract. Sometimes you get a 50% discount, if no one else bids or the house has been relisted a few times.

My recommendation is: work with a realtor that’s very experienced with HUD homes and sold many HUD homes in the past 12 months. They will know which homes will sell above list price and which ones you may get at a discount.

Your Questions About Foreclosures

Lisa asks…

What are these hud homes on the market? Are they like foreclosures?

I thought Hud had to do with a guideline for landlords for special tenants financial situations.

Your Questions About Foreclosures

The Expert answers:

HUD has lots of programs. They also sell homes. They buy homes in distressed neighborhoods and sell them to owner occupiers for really cheap, with the idea that owners make a better neighborhood then renters.

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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