so we’re flying down south to take a look at some HUD homes.
i’ve got a few questions ;D
- HUD appraises their properties, and the list prices are market value.
this is based on the “as-is” condition of the property, correct?
are the HUD appraisals generally low? because i’m looking at some really nice homes, that seem very reasonable and online comps show that (some of them) are over 40% BMV.
- OO’s get a 10 inspection period automatically.
what’s the deal for NOO’s - you must submit your bid with inspection contingency, or like a repair contingency?
or, as NOO, should you have the property inspected prior to making bid? that just seems too time consuming to set that all up.
- the Marketing & Management Company turns on the utilities for the OO, in order for them to complete inspection…again, during the 10 day automatic time frame that OO has to have property inspected.
what about the NOO? how does the M&M interact with the investor?
- FHA loans not applicable to NOO.
i do not want loan on my personal credit, under any circumstances. i’ll guarantee the loan personally (LLC financials less than 2 years), but i do not want the 30k or so, to be on my personal credit, at all. is this doable? whooooooooooo??? :o