I'm a local lender and real estate investor. I have purchased distressed HUD homes in the past and can be cumbersome in choosing as I personally have rehabbed many in our area.
I would like to see if I could discuss financing options as well as what our modern day lender is looking to finance (if in fact youâ€™re in seek of financing). I very familiar with many rules that would be necessary to procure a loan.
In coordination with any one of the excellent realtors below which could be of assistance to you.
My firm is Draper & Kramer, DBA 1AM Mortgage
Feel free to reach out as I'm a licensed Mortgage Originator here in IL
First you do need to work with a registered HUD Real Estate Agent, because anyone else will not be able to submit offers on HUD homes.
Second, you should find an agent who is familiar with the type of investing that you want to do: are you looking to buy, fix up and sell, or are you looking to hold it as a rental?
Third, while HUD homes can be good deals, there are lots of other good non-HUD opportunities out there, including just 10% down for investors and even rehab financing for investors on specific bank owned properties.
Start working with a HUD registered agent, or if you want to learn the basics talk to your
bank they may have free classes on Buying a home.
Buying a Foreclosed home is a different "game"
Their process is pretty straight forward. If your real estate agent has dealt with them before it is no big deal. If not, ask around for someone who can follow tbeir guidelines.
Broker Baird Warner