Home Buying in Michigan>Question Details

Sharia, Home Buyer in Belleville, IL

did a little research these homes are selling for only 10% of the asking price that are hud and bank-owned

Asked by Sharia, Belleville, IL Fri Apr 10, 2009

houses would like to know how it works?

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Answers

2
Sharia,

Yes, in some cases, homes are selling for this price range. If you or family members have extensive construction experience and can perform all or most of the work to bring them up to code and get a certificate of occupancy then that would be an option to get a deal on a home.

Keep in mind, there may be competition for some of the better homes and these will not go for this much of a discount.

Also, you need to do your homework to verify what, if any, profit you can make on the sale or rental of the property. There were two waterfront homes in my sub purchased by investors that ultimately went back to the bank. One because of a structural problem and one because after repairs it could not be rented at a profitable value.

Not all deals are really deals.
Web Reference: http://mi-living.com
0 votes Thank Flag Link Fri Apr 10, 2009
There are some excellent deals out there on HUD homes. The process is quite simple. Go to http://www.mcbreo.com for a complete list of HUD homes in Michigan. You will need a licensed real estate agent (whose broker has a HUD account number) to show you the home and then submit a bid. I can easily do that for you. All bids are submitted online. HUD will accept bids only from owner-occupants for the first 10 days a home is on the market. After that period, if there is no winning bidder; the bids are opened up to investors. HUD is going to look at the highest net to them. If there is no acceptable bid, they may reduce the price or take a lower amount. Especially in areas that are depreciating rapidly. Each property is unique. I would be happy to walk you through the entire process. Feel free to email me at lnajar@greenridge.com.
Have a great day!]

Linda Najar
2009 President, Western Michigan Chapter
Women's Council of Realtors
Greenridge Realty
616-974-6210
0 votes Thank Flag Link Fri Apr 10, 2009
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