I remember back when I went throught the HUD foreclosure process with House #1, I swore I would never touch a HUD f/c again. It was just too much of a headache. Well, I just got done sending my RE agent an email with a bid on four HUD foreclosures. All but one of the bids were WAY under the list AND market value price. The other one is actually above the list price by $5k, but it's market value is higher, too. I actually like the property in more ways than I can tell you, so I'm keeping my fingers crossed that I am the winner. My bids on the other properties were so far under market value that even if I am the winner of more than one property, I'll still come out way ahead.
I still need to meet my agent sometime today to sign the paperwork and give her the earnest money deposit HUD requires. It just so happens, though, that Wednesdays are my absolute worse days to be running errands. Maybe I'll just call in sick this afternoon???? :-(
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Wow, Steve, usually HUD asks for the exact value of the house as-is. Were there any problems that you could see? Best of luck!
No. But in the past year alone, HUD's have been bidding up like crazy. I saw one hit the market this past Monday, and it had 12 bids on it alone! The list price was $105,000, and the winning bid had an offer of $118k with a Net-to-HUD of $114k. It's crazy here now with HUD's.
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