HUD house

I dont have any experience with Hud's. But my question is: can you split the land into two lots? This would make you alot extra ....

D - DE

Put in an offer of 93% and see if that takes it. Do it quickly. If someone else offers more it's gone. Have your ducks in a row. The HUD offer package is quite lengthy and very strict. They will want proof of funds within 48 hours and a $1000 deposit. Once your offer is accepted..you bought it no matter what the inspection finds..you bought it. They will also call your bank to verify the approval letter is correct. With HUD, it is very strict. I have only bought 1 home from HUD and they suck!

D,

I have to check into that, how big it actually has to be for 2. The nice thing is this is just a small house at the alley end of the lot, so the majority of the land extends to the corner. It has a beautiful yard with a garage and 2 sheds, I think. And it's in an area where houses are being re-done or new going up, so we could take the little one down and build new, with a big, beautiful yard. (my husband is a builder). I, too, have no experience with HUD. I've done a lot of REOs but banks are very eager to sell. I have to find the forum where everyone was discussing HUDs so I get the percentage right on a good bid. If you happen to find it, let me know.
I want to call my realtor tonight. Thanks for answering, D.

Rina

Hey, cbr, you snuck right in there. I want to look at it tomorrow before I make an offer. I'll call Gail now. What else is cool about this, it's very near to the 4-plex we looked at again today. We're really considering that one, too. FSBO.

By the way, thanks for the info!

Rina

Well, she can't show me 'til Sunday. She's out of town. That's OK, though. Nobody's buying anything right now.

Thanks, guys.

I am recovering from writers cramp right now. I submitted a lot of offers today myself.

Take care of that wrist! We need you to be able to use your keyboard!

Oh, I forgot to mention something I'm really happy about. We closed today on a 10-acre piece of land near our house, with the beautiful Amnicon River running through it. 660' of frontage. Beautiful building site overlooking the river, and 40x40 building. It's not really investment, it's just for us (but I suppose you could consider it investment because I know it will just keep gaining value). Anyway, the reason I'm excited is because just down from the driveway is where we go swimming at the bridge. We put our innertubes in, there, and go for like a 45 minute trip to our friends' house. Now we can get out at the 1/2 hour point on our own property. Can't wait to take the grandkids!! (when we have them in the future! haha)
Got to reap the rewards of our efforts sometimes, right?

Very happy,
Rina

I don't know any sales history on it because we don't have access to that online yet. But the assessor's FMV is $72,300.

In most places the assessor's value is WAY off. Could be too high and is often too low but rarely correct. You need the sales history.

I asked my realtor for comps. I haven't done that on any of the other places, she said she'll get some. I got to look at the house yesterday. Asked Gail what she thought the lowest offer HUD would accept. We decided on $41,500. She called back later to say we can't bid until May 5th (Monday). Owner-occupied first until that date. I'm sure it will still be there. I'll fill you in on what we decide to do.

Hi Rina,

You mentioned "Gail" in a few postings. Am I correct in assuming she is your agent?

Yes. She's awesome! I know "she works for me", but actually, we make a really great team.