hello everybody new guy here been reading for long time now i have a Q to ask…
found a property im looking to wholesale its a 3br 2b 1,400sq house in fairly good shape in the middle of down town listed at 40k i want to make an offer but im having trouble determining the fmv…i cant see this place being worth less than 65k fixed up(in fact itll prolly be a lot more) but im from a much larger town so houses like this go for a lot more…im trying to look at other homes and the usual methods of doing comps but id like to view the houses tax assesd value
i went to the ky dept of revenue site but could not find a list of individual homes…does anybody know where to obtain such a list? i really think this will be a good deal and even though im trying to make a lot of offers this one seems really good so i dont wanna screw it up…thanks in advance for any input!
-brian
try the local registry of deeds…they usually will carry a " recent ’ sales list, and you can find all the info you need on the properties in the area…g/l
still havent found anything on registry of deeds online at least…i meay have to actually go to the county clerks office and check it out… i found that the property is listed and it says in the info that its a hud/repo…
is this somthing ill even be able to wholesale? im not sure who ill have to make the offer to in the even that it is a hud repo…
ill have to keep looking but if anybody has any more info that would be great
HUD repos are handles by a local Realtor that has a contract with HUD (actually with the HUD contractor) to do the listing for your area. There is a high likelihood that your own Realtor may be ‘HUD-qualified’…all offers to HUD are made electronically by HUD-qualified agents. Ask your Realtor. If he/she is not, ask for a referral to one that is.
HUD properties are first offered to folks that want to live in them - the “Owner Occupant” period. This lasts nine days. If the property is not sold during that period, the property moves to the “All Bidders” phase during which you, as an investor can bid. Bids during this period are reviewed daily after teh close of business. The highest “Net-to-HUD” offer that exceeds the ‘secret’ threshold wins the bid and can proceed to set up the closing.
Once you close on the property (as long as you have done so under the “All Bidders” process), the property is yours to do as you please and you can wholesale it if you want. The one the I bought, I kept as a rental.
ok that makes sense…ill have to inquire about where its at as far as all bidders goes…but can i simply get an option on somthing like this and sell that to another investor or do i need to actually close on this property in order to do anything with it? i dont have the funds or the time to do an actual rehab or rental at the moment which why im doing the wholesale/bird dog route…
It’s the Federal Government…as memory serves me, they do have a clause that says that you can’t assign the contract…but you should be able to do consecutive closings.
You should go fast…around here, the listings sell as soon as the go to “All Bidders” (at least they did before they stopped HUD sales here.
sounds good i think im gonna call and ask about it this property has been listed for 3-4 months at least…not a lot of investors in this town to scoop things up but its 40 miles away from a large city with a booming market which is where i plan to start looking for buyers i just dont want to put it under contract and try for a double closing and not be able to get it and be stuck with the obligation…