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Maybe this creates an active conversation. In your experiences the good and bad or advantages vs. disadvantages on a HUD property.
I'll post some I am aware of:
a. If it's an FHA loan then the deposit can be $100 through some new program.
b. If it's an FHA loan the buyer can cancel, if not an FHA loan then a cancel and they lose their deposit.
c. There is a chance that no one will turn the utilities on to allow for an inspection.
d. If it is a non HUD bank, why does HUD insist on their appraisers and their contractors? Any work around?
e. Investors are locked out of offering for 30 days? Or is it 20 days?
Maybe this creates an active conversation. In your experiences the good and bad or advantages vs. disadvantages on a HUD property.
I'll post some I am aware of:
a. If it's an FHA loan then the deposit can be $100 through some new program.
b. If it's an FHA loan the buyer can cancel, if not an FHA loan then a cancel and they lose their deposit.
c. There is a chance that no one will turn the utilities on to allow for an inspection.
d. If it is a non HUD bank, why does HUD insist on their appraisers and their contractors? Any work around?
e. Investors are locked out of offering for 30 days? Or is it 20 days?
HUD homes are taken back by the feds. They aren't a bank. So they will follow federal government guidelines that they have established. I've had no issues with HUD transactions. The coordination of getting the utilities on hasn't been a huge issue for me. You just have to be on it.
My first house I bought in the 80's was a HUD house. We inspected it with a flashlight. They would not do any repairs, and I knew that going in. It was a good deal and started me on to home ownership. Sold it 4 years later at a profit. Bought it for $41k and sold it for $48k. A $7k profit in 4 years was great in that day.
Bought another HUD house in 1999 and sold it in 2017. That one needed much more work, but still enjoyed living in it and made a profit when I sold it. And I bought it $23k under the HUD appraisal! Instant equity.
Am in escrow now with a house I bought off and auction site, it too is a HUD home. I did not know it until escrow started, but again all is fine. Cannot wait to see the inside. It will be a rental.
I like HUD houses.
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