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Did you know that you can purchase HUD foreclosures for only $ 100 down payment ?

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Myersteam_1

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We have the widest selection and greatest number of properties available ever.  You can see them at www.hud.gov  Just call a HUD Buyer Specialist and take advantage of the Sale of the Century going on right now !
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June 28 - Loganville
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Myersteam_1

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The $ 100 Down Payment Program is for Owner Occupied Buyers.
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July 03
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Marilyn Bell, "MarilynBellSells"

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I want to address why I as an agent don't buy every HUD home for $100 down.  This probably applies to many other agents as well.  I have enough properties as it is!  I have two down to the studs right now.  Not only that, but can really only afford to cash flow one at a time (and I'm already at two).  To get more property, I'd need to finance it.  I've got several others financed.  I could probably squeak out another mortgage in my debt to income ratio, but I would hate to spread myself too thin.

Just because an agent is buying a deal, doesn't mean it's not a good deal.  And there are a lot of HUD houses that only need cosmetic updates. Those houses are usually the ones that get snapped up during the first round of bidding open only to owner occupants, not investors like myself.  And, I haven't checked, but I probably wouldn't be eligible for the $100 down as an investor (hmmm... when I get these two houses put back together maybe I'll look into it).

If I had more time and energy to devote into other properties, I would certainly do it.  It's a great time.  Unfortunately, I've got enough going on as it is!
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July 02
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Michael Russell, "real estate mike"

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Better be preapproved and ready to go financially as soon as the offer is accepted. When was the last time you saw a hud in move in ready shape(rare)? If you're not a contractor you better be friends with one or somebody's about to make money(not the buyer).  
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June 30
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rjon.101

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I would like to ask a question in a polite way (not insulting but in a forum like this things come across a lot harsher than intended)  If HUD foreclosures are such a great deal why are not you buying them for a $100 down and making a lot of money instead of advertizing them for sale on zillow .  SO many agents want to tell me of great opportunities to make money but why are they not doing them instead of selling them to me.  I am really looking for a logical answer.
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June 30
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Myersteam_1

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Some Hud foreclosures are in excellent condition,  Do not assume they are all trashed out.  Many people do not have the money to put 10 or 20 % down.  This program makes the American dream affordable.
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June 30
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David, "B4What"

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Yea, you can buy HUD for a $100.00 down as a way for the government to get rid of their homes quicker.  Be careful here...The broker gets $500 bonus for doing the deal, they don't tell you that!  Most are 203K qualified, means they need work on them, so you will be paying on two loans until repairs are made and passed by HUD, then the loan is combined into one.  Is it really a good deal for you or a good deal for HUD.   I think the later...Been there done that mistake.  Say No to HUD's...
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June 29
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vsmyers

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What are the qualifications?  what is the process?
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June 28
 

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Question Did you know that you can purchase HUD foreclosures for only $ 100 down payment ?
  • Latest answer by Myersteam_1
  • July 03
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