how do I buy HUD home, and is it really the price I see listed, or is that just a beginning bid?

Asked by Linda Lovell, Newark, OH Fri Aug 19, 2011

I am looking at a picture of 109 Fleek, Ave. it says it has been reduced to $10,500. Can you really buy a home that cheap? And what is wrong with it?

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7
James Deskins, Agent, Worthington, OH
Sat Aug 20, 2011
Linda, call a local HUD registered Broker. You can get a list of them on HUD's website. Do NOT call the agent who is listing the property. Get your OWN agent!
1 vote
Molly Hay -…, Agent, Columbus, OH
Sat Sep 17, 2011
If you are still in the market for a HUD Home I am offering a Seminar in Reynoldsburg Thursday, 9/22 at 7-8 p.m. Please stop by! I have attached a link to the seminar. It is approx. 35 minutes from Newark!!
0 votes
James Gordon…, Agent, Hamilton, OH
Sat Aug 20, 2011
Linda I had a buyer purchase a HUD home for 3000.00! Your first step is to work with a HUD registered buyers agent in your area. The next step is to view the home that you are interested in. Homes priced at 10k normally need major work and can not be closed on with a 203b type mortgage both because of the condition and the loan amount(due to current regulations you can not get a home loan for 10k). You normally would need a 203k or cash to purchase a home in this range.
0 votes
Charmin Patt…, Agent, Heath, OH
Fri Aug 19, 2011
Hi Linda. I actually just closed a HUD home today with a buyer I represented. He actually went over the asking price a little to be the winning bidder. The first 15 days a HUD home is on the market is for owner occupant buyers
only. If no owner occupants get it then on the 16th day all bidders can bid even investors. Call me at 740-403-1944 if I can help you make a bid. You must have a registered realtor submit your bid. I am a registered realtor. Thank you
0 votes
Mitchell Lar…, Agent, Heath, OH
Fri Aug 19, 2011
Fleek avenue has lower priced properties so any liveable homes will be less than other areas. However, 109 Fleek is probably a foreclosed home with considerable damage. As a matter of fact I think I know the familiy that lost the home. So what you have is a abused home in a lower priced neighborhood with abuse and damage.

Contact me for further information,

Larry Mitchell, Realtor
(740) 973-9688
0 votes
Tarheit, Home Owner, Ohio
Fri Aug 19, 2011
The price on Hud Homestore is their asking price. You can submit a bid higher or lower than the asking price. Yes, sometimes the homes do go that cheap. It could be that the home has some condition problems and/or that the home has been on the market for too long and they are looking to get rid of it. In either case you will need to contact a registered agent to look at the home, to submit a bid or obtain more information. Often times HUD has a property inspection report done at the time the home was listed. This may help determine what, if anything, may be wrong with the home. However, you need to look at the home yourself and have your own home inspection because these reports can miss things and the condition of the house can change.
Web Reference:  http://www.hudhomestore.com/
0 votes
Alice Fuller, Agent, Chesapeake, VA
Fri Aug 19, 2011
Hi Linda,
If you saw the Fleek Ave property on the "HUD Homestore Website" it usually means that the price listed is the price they would accept. However, only registered bidders can make offers on Hud properties. If you are interested in this home I suggest that you find a registered broker or selling agent to make an offer on your behalf.
Good Luck!
0 votes
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