- Hello all I am a newbie and was looking into bidding on HUD homes. 1st, should I bid the price that it is listed at. 2nd,is this a good market for a new investor. 3rd, how can I go about this and not lose. ;D Thanks for all the information in these forums.
Howdy Absorbent1:
Hud is tricky to work with. If you want to buy a home for your personal home or a rent house you can get an OK deal. Some are owner occupant only and you will have to buy and move in and live there. The left overs are where you can find better deals but you must bid at least 87 % net to HUD I believe or the bid will not be looked at. You have to have a Realtor bid for you and they can explain better than I about the bid process. I bought a few sereral years ago when duplexes were in the low to mid $20,000 range. Can not touch now for less than $100,000. I wish I could ave bought them all back then. Who knows I may be wishing that 10 years from today too.
There are probably better deals with less red tape but you may catch a good deal there some where. Good luck with it. Let us know what happens. We all love success stories.