I am a full time Realtor in California with about 20 years of residential experience. I have never focused on HUD properties because, for the most part, there had generally been enough inventory available for my buyers who were buying residences for themselves that I just didn't mess with it.
Now that I am doing more investing, I am trying to become more familiar with the process, tips and tricks of making offers on HUD properties. I know that that the HUD website has some info, in addition to that are there any good resources to help me become more knowledgeable in making and winning HUD properties. Am I restricted to making offers only in CA? If so, is there a way to become eligible to make offers on these properties in other states?
Thanks very much!
You can buy anywhere houses are sold. You will have to deal with investor grade properties and use a realtor to submit bids. You can represent yourself in the state you are licensed in. You can just submit a bid without much of anything. Once they accept your bid, that is when the clock starts ticking and you have to hustle and get the earnest money and contracts submitted in time. Since you will be buying as investor, your earnest money is non refundable no matter what.......unless I guess that HUD can't fulfill their end of the contract for some reason. You can certainly get an inspection and back out of the contract if you don't like the results, but they keep your earnest money. Since you are an investor, HUD feels you know the risks and does not feel sorry for you since you are likely to make money off poor old defenseless big government.
Thanks Chris. It seems to me that I have heard (very vaguely....obviously) there is a way to be able to make HUD offers for yourself or business entity you own, in states other than where you your hold your agents/broker license. Has anyone else heard anything this, or or is this just a cannabis-inspired concept?
Bids have to be entered thru a HUD registered broker, period.
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