I live very close to Alliance. A HUD home if you really like that one may take 8,000 but I wouldn't want you to lose the house to a higher bidder. I would need to look up how long the address and the days on market to advice you further. You can buy the house and the repairs needed to the house with the 203k Streamline loan. The good thing about this loan is you do not need to complete the repairs before you close on the loan. However, the major repairs such as electrical, roof, plumbing and foundation need to be done by a contractor. You should have 3 professional bids for all the work needed to be done to the house when the FHA appraiser comes out to go through the house. If you are doing cosmetic work or appliances are needed you need to get a quote from Lowe's, Home Depot or Sears for the parts and material to supply to the appraiser as well. The appraiser will do an AS-IS cost appraisal and a Finished product appraisal to let the bank know what they will be loaning on. If you have any further questions contact me.