About a week ago, I was perusing the HUD foreclosure web site for my area (BidSelect.com), and came across a couple of properties that seemed promising. One was listed for $104,000 and had a FMV of about $118,000-$120,000. Not the best deal in the world, but certainly doable. The owner occupied only period (OOOP) expired at midnight this past Sunday, and I thought maybe it wold be bid up like the rest. Since Monday was a holiday, I saw no action on it. However, I logged onto the site around noon yesterday, and the property was already sold. It only had ONE bid on it and it was for $98k (with a net to HUD of $93k)! I could have shot myself. I guess another lesson learned: don't assume anything. From what I could tell it had no problems and only required minimal cosmetic repairs (<$1,000). Again, it wasn't the best deal out there, and I'm keeping my eye on the second property even more now. It is listed for $105,000 and is worth about $125k. It's in the same neighborhood as House #1, so it would be convenient for me. The OOOP ends this coming Sunday, and I'll have to hook-up with a RE agent in order to submit an offer. I'll also need to get with a mortgage broker beforehand to see what I can qualify for. I figure owning House #1 for over a year now should look favorable on my credit report, but we'll see.
BTW, I got another two calls over the weekend from my postcard mailout earlier in the month. Unfortunately, neither one left a message, tho.
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Exactly. This wasn't a "must-have" deal, but something I could definately work with. I'm just wondering if my criteria needs a slight adjustment as I may be passing on some other worthwhile deals. Basically, I'm looking for SFR's built perferably after 1998 that require little, if any, repairs (i.e., paint/carpet and other minor cosmetics). I won't pay more than 80%FMV and the home should be listed <$125k. I realize this funnels out a lot of prospects, but I have very little personal time these days to do any extensive repairs or even to manage a rehab from afar. Once the twins are more "manageable" (LOL!) I will probably lax my rehab criteria more.
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