List Price: $110,000
As-Is Value: $110,000
Listing Date:
6/24/2005 Deadline:
Daily @ 11:59:00 PM Bid Period:
Government - General, All Purchasers
Is there any room to submit a bid lower then $110,000, or does HUD work off firm prices?
There is a little room (I saw the number once but don’t remember the percentage) – maybe like 7-8% less is the floor.
I bid $51.5K on a $53K and got it but could have gone a little lower (like $50.8K) and still gotten it…but that was over the next highest bid not the HUD floor.
Keith
markw, I am interested in getting into the HUD market, is there a particular website or phone # to get listings…please advise.
I agree with Mark. I’ve heard estimates of 92% as being the floor, but I got one that was listed at $112,000 for $101,000 (or ~90% list). It had a tax assessed value of $136k, and I have it on the market now for $135k. All it needed was new paint and some other items - total repair cost: $1,000.
You can try out http://www.bidselect.com, too. They took over FirstPreston as the processors (at least in my area).
The HUD site redirects you to BidSelect from what I saw. This HUD stuff is a new angle for me, have not researched or looked into buying HUD at all…Just scratching the surface of it all.
HUD has different contractors running the show in different areas…here it is Cityside (Tower Auctions)…they actually do a pretty good job here.
If you go to the the HUD.gov site and click on the state that you want…it will direct you to the right place.
Keith
Thank You.