Ok, I know I talked about this in another thread but basically this is a new question concerning HUD Foreclosures. I don't know how these gurus can Wholesale HUD Homes from the HUDHomeStore.com seeing you need a HUD Selling Agent who is also either a RE Agent or Broker to buy those homes, or am I wrong? From what I understand about Wholesaling and I can be wrong on that score too, is that you create a contract with a seller to purchase the home, then find a buyer to purchase the same house and then sell the contract at a higher price, that's about it in a nutshell, and I can not figure out how it can be done at the HUD Home Store.com but oh well, I did a check on my credit score and found out its higher then what I thought it was, my FICO Score is 580 instead of 545, which now qualifies me for a FHA Loan with some mortgage companies, my wife is now really excited to say the least, so I really need to understand how the HUD Home Store really works. When I was an REAgent I know that in order to sell houses in any State you have to be licensed for that particular State or States if the office has multiple offices in several States (ie: Century 21 for instance), even it is for a HUD Home.

Now on Foreclosures normally when you go to the Courthouse Steps to bid on a house, the normal bid starts at what is owed on the House, what it was foreclosed on, so the Bank or Mortgage company will get what is owed them, anything more then that is pure gravy for them (Profit). Is that the same as List Price at the HUD Home Store? And if I decide to bid less on the List Price, what is the recommended percentage, ok I am getting ahead of myself, I am buying A Home for myself and my family. And its just not in the State we live in, that is why the comment about other States, my wife saw some great looking and somewhat great looking homes that with my Debt to Income Ratio I should be able to afford even with my present income in other States, we even saw a few below $14k (not sure about the neighborhood though lol at that price). I know there are a few States that have down payment assistance programs as well making it a 100% Financing and I have no qualms in putting in a bit of sweat equity, and there were a few like that as well. But my main concern is understanding The HUD Home Store, how to bid properly, understand what is expected of me (besides paying for it) If I can get PreQualified here in Washington State to purchase a home lets say in Missiori for instance or Montana. If I can find an RE Agent here who is also a Listing Agent with HUD and Investor Friendly (I know some Brokers/Agents are not to Investor Friendly from what I have read here) as well as a nudge to the right Mortgage Company that does FHA Loans. Understanding what I am reading so I won't be to lost. Some of the Homes my wife looked at she really liked and wouldn't mind moving out of State, she even said so herself. All she wants is something that she can feel comfortable with, even if she has to do some dirty work to make it her own, a nice yard for our 12 year old son and a decent school system. Ok I made this to long and I am sorry, while I am waiting me and the missus are still shopping at the HUD Home Store (and yes I know its "The Good, The Bad and The Ugly, lol, we seen them. I have seen some houses that made my hair stand up, wow talk about scary lol). Thanks in advance.

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