hi guys and gals… I’m moving to Austin… looking to buy a HUD Home to live in… looking at the listings on the HUD website I’ve eyed a couple of potential properties… this would be my 2nd purchase… I bought a condo in vegas… but I rent in Los Angeles… the hud sitt lists repairs that are needed to be done… with a price to complete the task… why does it list some items but not all that needs to be done?? do many people from this list buy hud homes in austin? are there ever hud duplex’s?
I have purchased a HUD home in San Antonio. It did not list any repairs, but the house needs carpet and paint. I never go by what their list of repairs. I have seen mobile homes, SFHs, and condos. I have not seen duplexes so far.
thanks for the reply… i’m in San Antonio now for a couple of days… hoping to get to Austin on wednesday to look at properties… seems most of the HUD’s i’m looking at come pretty bare… no carpert, paint, fixtures, appliances, ect… hopefully I find the right deal…
HUDs have been difficult to get for the past year at least. There are 20-25 offers on most properties and people are bidding about 15-20k over asking on many of the better properties.
HUDs and REOs are not great deals because of the number of beginning investors who seem to think they are. They’re not appraising sometimes, so be prepared to come out of pocket if you bid over asking.
Hi Dee… thanks for responding… i guess i’m one of those beginning investors… looks like hud’s aren’t for me… at the moment… are there many properties outside of town with some acres to them… for say… under $250k?
You have a slight advantage because you said you plan to move into the HUD home after purchasing it. Therefore, you can already beat out the vast majority of other investors. The only catch is that you HAVE to live there for at least one year, or face a heavy fine ($250,000, I believe).
My in-laws just purchased a HUD home last month without any problems. They, too, were buying it to live in, so they didn’t have as much competition. Also, they only bought it for about $12k below FMV.
I agree with the others, though, if you plan to bid alongside other investors during the “All Bidder” phase as most HUD’s are going for list price or above now.
You will see these properties back on market I presume I think most of the properties are going for home owners. It would be really sad if they went to investors based on the prices I am seeing.
Honestly, I am debating never buying a HUD home again just because of their closer in San Antonio. I’ve been rescheduled 4 times already because they cannot get the HUD-1 done right and I am going to end up paying more than I should.
Just got back from austin… what a great place… lot’s of really good neighborhoods I would love to live in… Travis Heights is a bit out of my range but what a nice, artsy neighborhood close to downtown… I highly suggest checking it out…
there were some funky duplex only neighborhoods though… i can’t image those will ever revitalize… you can’t tear down the whole neighborhood… are there many slum lords on this board?? i guess there is good money in low income areas…
it was tough looking for places for investment and to live at the sametime… my focus was totally split…
I think most of the properties are going for home owners. It would be really sad if they went to investors based on the prices I am seeing.