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04-06-2008, 05:40 PM
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Senior Member
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Join Date: Oct 2007
165 posts, read 150,540 times
Reputation: 19
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HUD Homes
Does anybody know of a website that is free to search for HUD homes in NJ and Texas? Everytime I find one they want me to pay to get in.
Are HUD homes the same as foreclosed homes?
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04-06-2008, 06:04 PM
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Senior Member
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Join Date: Nov 2007
Location: Kemah Texas
7,297 posts, read 4,610,069 times
Reputation: 3850
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You are right, they all charge to access the listings. You can instead contact HUD directly and the list is free. But no one knows this because HUD does not advertise. I dont know about Texas but you also asked about NJ. In NJ you have to have a licensed Realtor represent you to put an offer on a HUD home. In most cases the Realtor has to let you in since they have the code for the Supra box. Many times I just crawled into a window since most are always broken. If you break into a home though, make sure you are carrying a clip board so you look official rather then looking like a burglar and some one will call oinker on you.
I can tell you something else. I been flipping homes since before it became a house hold word and made into a TV program on TLC. I looked at many HUD homes in NJ, VA and one in TX and bought only one in VA. HUD lists them at market value as if it were a red ribbon deal. We all know they are the farthest from a red ribbon deal. Most HUD homes were abandoned by their previous owners who got mad at the world when they lost their jobs or medical reasons or whatever. And they took it out on the house to spite the lender. HUD homes are almost all DUMPS !!!!!
In this market the banks are swamped with homes they had to take back by the thousands of those who were upside down on their mortgages and just abandoned ship. Start with your own bank you deal with. Ask for their list which most states call REOs
Be carefull with the HUD homes. They are marketed at full red ribbon price but that dont mean you pay that. You will be putting in an offer and wait usually 10 days for the bank to accept or reject. At least in Texas I know it is 10 days because I had my eye on one in Bay Colony on the water. This place is in condemmed condition and got no bids. But they are the best ones. No Realtor wants to show it and no home buyers will even get out of the car to look at it. Which means you would be the lone bidder and you bid real real low...... right?
Good luck to you...........
And good move from NJ to Texas.
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04-06-2008, 08:39 PM
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Senior Member
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Join Date: May 2007
Location: A little suburb of Houston
2,482 posts, read 2,034,808 times
Reputation: 728
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Go here and you can find links (free) to HUD homes as well as others:
Homes for Sale - HUD |
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04-07-2008, 01:05 PM
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Real Estate Agent
Status:
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(set 14 days ago)
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Join Date: Dec 2007
Location: Houston
794 posts, read 762,962 times
Reputation: 94
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Quote:
Originally Posted by Poltracker
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http://www.newbidselect.com/ |
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04-08-2008, 10:39 PM
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Senior Member
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Join Date: Oct 2007
165 posts, read 150,540 times
Reputation: 19
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Well i'm not sure I want to do this now since all HUD's are ghetto and dumps.
I was under the impression they were foreclosed and some forclosures I looked at weren't so bad. I guess HUD is the worse of it. I'm not so sure about that, but I'll look into to see what they look like.
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04-09-2008, 08:30 AM
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Real Estate Agent
Status:
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(set 14 days ago)
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Join Date: Dec 2007
Location: Houston
794 posts, read 762,962 times
Reputation: 94
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Quote:
Originally Posted by audig4
Well i'm not sure I want to do this now since all HUD's are ghetto and dumps.
I was under the impression they were foreclosed and some forclosures I looked at weren't so bad. I guess HUD is the worse of it. I'm not so sure about that, but I'll look into to see what they look like.
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Majority of Foreclosures will have a addendum which states as is. Don't be fooled by the appearance of a home, as the home may have some defects that are not visible. Make sure you have it inspected. |
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04-09-2008, 04:00 PM
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Senior Member
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Join Date: Aug 2006
478 posts, read 507,763 times
Reputation: 130
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Quote:
Originally Posted by audig4
Well i'm not sure I want to do this now since all HUD's are ghetto and dumps.
I was under the impression they were foreclosed and some forclosures I looked at weren't so bad. I guess HUD is the worse of it. I'm not so sure about that, but I'll look into to see what they look like.
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HUD homes are basically foreclosure houses that were financed through FHA loans (Freddie Mac/Fannie Mae). There are a few HUD homes that aren't that bad -- at least compared to other foreclosure houses. A lot of it really depends on the area you are looking in. |
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04-09-2008, 08:05 PM
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Senior Member
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Join Date: Jan 2008
Location: Lake Conroe, Tx
516 posts, read 405,080 times
Reputation: 220
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Quote:
Originally Posted by audig4
Does anybody know of a website that is free to search for HUD homes in NJ and Texas? Everytime I find one they want me to pay to get in.
Are HUD homes the same as foreclosed homes?
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Here is another site to view HUD homes in TX and yes they are foreclosures
Southwest Alliance of Asset Managers, LLC |
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