Hello All,
My agent emailed me a hud single family house up for sale, the house needs repairs. I want to do it without having to borrow a loan. How do I make my contract so I don’t have to pay closing costs. Can I do a double closing? What else do I need to know? what should i say and not say?
Can someone pls give me outline me with a step by step process to this…thanks so much.
Thanks for any help.
Wow quite a slew of questions…
My agent emailed me a hud single family house up for sale, the house needs repairs.
Read up or ask your agent exactly how are HUD homes sold, the procedure, what you can and can’t do with them.
I want to do it without having to borrow a loan.
So you then must have all the cash sitting in your bank account for the entire purchase amount. Or were you tlaking about just the cost of repairs. Some HUD listings have approved repairs and the amount of money associated with them. You will still need the cash to do the repairs FIRST then you will get a check for the repairs after they are copmpleted.
How do I make my contract so I don't have to pay closing costs.Not sure you can get around this on a HUD home. ????
Can I do a double closing?Referring back to my first response learn what can and can't be done with a HUD home. Usually Owner Occupants get first bid and if it doesn't sell then investors can bid on it. not sure about the double closing.
Hope that helps. I am a newbie still, but that is my understanding.