I came across a HUD house, what makes a house a HUD,
What would I have to do to put a bid on it?
they basically act as a mediator during a foreclosure
Sometimes there are restrictions for the buyer, like it has to be your residence for a year. Most of them start out like that, then open to investors if they can’t find a buyer to reside in the home.
^ thats exactly what it says in this one
Is it more of a hassle to get a mortgage, and close than on a regular house?
usually the houses need a lot of work. you will want to do a detailed home inspection.
^ I am not worried about the home inspection, just the whole purchasing process
im just saying. i had looked at a bunch, and all were full of mold, or the foundations were fuct, or something something something.
i don’t think the buying process is any different. you have to have a pre-approval notice before you bid. they have a hierarchy’s of who they prefer to accept bids from sometimes.
i did an internship at hud this past summer
Not sure how different it is in Buffalo, but any HUD house I have ever seen in Rochester is a Dump. I thought all my buddies rented dumps in Rochester while in college, nothing compared to a HUD house. Its not uncommon for them to have unsound foundations, lead paint, holes in walls, messed up electrical with no circuit breakers, missing bathroom stuff, missing kitchen stuff, no doors, broken or no windows, insulation HA, working furnaces, just messes. The thing is that you can pick one up for like 15-20K then get approved for a grant for 10-15K from the state for repairs the home needs, then flip it when the required amount of occupancy time runs out. If you can do the work yourself then maybe its worth it. You could either rent at that point or sell it outright. Some in Rochester made you live their for 5 years minimum, which is a crazy investment, which you might not want to jump directly into.
Good Luck.
the hud house i am buying i have to live in it for 10 years befor i can sell it …also have to put about 35k in work to it :gotme: and if the work is not done right in the time they give you they can take the house back and you would have to pay the people that did the work
This house is in great shape and the asking price on it is $82k, Its not in Buffalo either. Its in West Seneca, I have to have a bid in by sunday midnight
then you better get to the bank and get a pre-approval letter for a mortgage…TODAY!