To all you experts out there…HELP For the last 2 months I have been finding homes on the hud list and not able to capture not one! Either someone out bids me or bid gets excepted while house is still in owner occupant status. Seems like to me owner occupant status is being won by investors telling little tiny fibs. Any suggestions?
It’s tough. We’ve only won when they were going to occupy AND we did the next two steps.
We bid more than asking. HUD here prices the homes lower than their actual value, so in essence, you’re paying market price or within 10%.
An owner-occupant won the bid, but it came back on market and we changed our bid to what they offered. Most people don’t remember to go back to look at the bids once the original one wins. We do this, save the email, and then match our bid to their net.
HUDs are too competitive here. There are usually 20-30 bids with 10-20k over asking. We stopped bidding last year.
Dee, Where are you viewing the bids from others? I have looked over the HUD homes in my state but can’t find the actual bids of others listed. Thanks!
Triton - what state/area are you in?
newbaby - If you know for a fact that an investor il;legally obtained a property during the O/O period, I would turn them in…!
I have one next door to me that no one is bidding on (or at least winning bids on). Its been on the market a while now. They pretty much want FMV - repairs. No thanks.
Most parts of Austin are getting insane now with competition. In my area, you can pull the tax records off of any street, and 50% or more of the properties with owners who don’t live in them have a mailing address of California.
BTW, did you see the article in the Homes section of the AAS this past Sunday? Californians, here they come!
Keith, I am in the podunk state, Georgia! I check out the HUD listings on the bid select website. Is that the site that provides the actual bids? If so, do I need to register as a broker to view them? Thanks.
I’ve been succesful on a few HUD deals. I would highly reccomend joining the BidSelect website. Why?
1)This allows you to save searches on properties you’re interested in.
Once a winning bid is accepted, you can then search ALL of the bids on that property, by case number.
2)You can set up your site for email notification of properties in zip codes you are intersted in. You get an automated email when the new properties are posted.
Here is a bit of information not everyone may be aware of:
Owner Occupants (OO) get presidence over investors regardless of the net to HUD. PERIOD. I lost a bid on a property in which I bid $10K over the winning bid, an OO. >:( >:(
Good luck. HUD has been good to me!! 8) 8)
“Podunk” is a city in Georgia! I looked at your HUD site and it’s different than the one I used…the one that I used in Louisiana had bid statistics and the final bid selection posted…
Thanks Keith. I had read several posts where people were viewing the actual bids of others and I knew I had not found that on the Georgia HUD site. Thanks anyway.
Triton, in Georgia we use BidSelect for the auctions, although I heard we were changing to some other company soon. In any case, you can view bids of completed auctions at the following URL:
Just type in the property number. I hope this is what you were looking for…
Thanks Butler. I have looked through BidSelect looking for that but missed it. Thanks again.
Once you bid, you’ll get an email taking you back to the Bidselect.net website. You can look up the bids by the property ID or confirmation #. I’m not sure if you can view offers if you did not bid on the property.
As long as you have the property ID, you can view the bids, regardless if you bid on the porperty or not.