Hello BP community!
I have been listening to podcast for the last 3 years. I am finally going to make a move and get my first investment property this year. I am looking to get a HUD foreclosure deal by bidding during the owner occupant period. I was wondering if anyone could help me understand the bidding process and if it's different acceptance prices for owner occupants than for an investors? I am located west of Atlanta and looking in that area. If anyone is in the area or knows someone in the area that could send me in the right directing that would be great! Any tips would help. Thanks!
I believe all HUD REOs will be owner occupied for at least 6 months - - ours was.
The owner occupancy for HUD home purchases is 12 months and you can buy a HUD home as an Owner Occupant once every 24 months
I don't think the bidding is any different (nor the accepted price points) it's just that you have an exclusive period to submit bids without us all cash investors swooping in. Obviously you probably have to be at or near asking for the price to be accepted in this period.
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