Hi @Paul K. McCoy ,
I obviously don't know your area or the house or the situation except for those few things above. If my client wanted it and there were no other bidders (which who knows) and I wanted to throw out a number it would be $33,060 before tomorrow at midnight and most likely tonight before midnight.
The minimum acceptable bid at this point would be a net to HUD of 88%
As far as bidding above list price, what is it worth? I have seen HUD properties sell for 30% above list price or eventually sell months later for 30% of the original list price
Thanks for the comments guys.
The home is worth somewhere around $100k. I feel they really underpriced it unlike a lot of the other homes I've seen in my area on HUD home store. My broker has informed me there are several other bidders including and agent. We were thinking of an offer of $50k but ya just never know, make take $60k to get.
What happened with this @Paul K. McCoy did you place your owner occupant bid? It is now open to investors so if you didn't secure it now you are fighting a whole different battle against investors.
Hey @Mike Cumbie, we placed a bid of $50k and we're able to secure the home and have it under contract! The home needs minimal repairs and our plan is to keep it anywhere from 2-5 years while we are still flipping and then maybe sell and find something a bit bigger. I think we could get anywhere from $100-125k especIally if the area keeps growing as it is.
Thanks for the insight guys!
Congrats! Hus homes can be such a great way of getting good deals. A few years back, I helped my daughter buy a HUD home using the FHA 203K loan that covered the renovation. Not only did she get a smoking deal on the purchase, but was able to completely renovate the place with her loan! It was a great experience for her, and gave her a great investment for years to come.
Make sure you meet your deadlines. HUD is VERY strict when it comes to meeting deadlines, and if you need to extend for whatever reason, you have to request it in advance and pre-pay a fee to extend. FYI.
Thanks for the comment Cara!
I will defiantly keep those deadlines in mind.