http://www.REIClub.com - HUD Homes Are A Great Resource For Finding Below Market Real Estate. Here’s A Quick Explanation On Bidding For HUD Properties.
Find a Real Estate Agent and Loan Officer - http://www.hudhomestore.com/HUD/BrokerSearch.aspx - interview the agent
Pre-Qualification Letter - Last 2 years W-2 - Last 3 months bank statements - Last months Pay Stub
Hud Bidding Contract - Line 3: place your bid - Line 5: closing cost help - Line 6a: 5% commission - Line 6b: 1% commission - Line 7: Net Proceeds
How Much To Bid on Hud Homes - Rule of thumb - Asking Price = $100,000 - Closing Cost = $5,000 - Agent Commission = $5,000 - Listing Agent Commission - $1,000 - Net Proceeds to HUD - $89,000
Hud Bidding Time Frames - Accepted Bids - same day - Selling Agent - 7-14 days for fully executed contract - 45 days for loans / 20 for cash buyers
Be the first to comment