Buying from the department of HUD
I happened across a house in my local area that was purchased in what looks like a sheriff auction by HUD for $10. Yes. That's correct $10. They listed it for 85000 back in early summer and is now down to 74999. It was appraised this year by the county for 86k but just a year ago it was appraised at 105k. Should I low ball an offer on this place and get it? I would need a hard money lender because I do not have the cash. Its a 3bd 1.5 bath house with a little over 1k Sqft. It has an in ground pool in the back yard as well. I've included a of the place. I was thinking of doing a BRRR strategy on this. Rehab wouldn't be but mostly cosmetic from what I can tell. Property Taxes are about 2300/year. Would a offer of 45k be too drastic and settle for mid 50s? I'm a total noob at this so any help would be awesome. Thanks.