HUD.COM - A good resource to buy?

Question

Can people speak about their experience with HUD.com as a resource to find and buy properties?  Is it worth it to sign up and pay the fee?  Are there properties on this website that do not hit MLS? If the properties are listed on both MLS and this website, then why use this resource as the tool if MLS exists?

Mark Gallagher · Answer

@Boris Peyzner as @Jason Hirko states, hudhomestore.com is the official HUD sales site. If you look on the bottom of HUD.com it says:

"HUD.com is not affiliated with or endorsed by the U.S. Department of Housing and Urban Development"

HUD.com is simply a way to scam people out of $9.95 per week, end of story.

Jason Hirko · Answer

www.hudhomestore.com is all you need

Michael Noto · Answer

We have closed on multiple HUD homes in CT this year already for our clients and have more in the pipeline to be closed in the next 45-60 days.

In all cases, hudhomestore.com was the site that we used to place all bids as the buyers realtor and is the only site you need to be aware of if you want to get the most accurate information on HUD homes.  This website is free to access. While the asset managers will vary based on your region, in Connecticut the current asset manager that services the HUD's is BLB Resources, the place that is always referred to a gateway to bid and find more info is hudhomestore.com.

As previous posters have mentioned, make sure the agent you are working with has a valid NAID issued through HUD because they will need one to place a bid for you.

George Taylor · Answer

@Jeff Filali There was a time where we could get winning bids at $100k+ below tax value when the market was bad a few years ago. My first deal was an accepted bid at $64k and the tax value was $173. Sold at $103 and my partner and I pocketed $13k each. Wished we could do that every flip...  It's very rare but if you put in enough bids at $70k below tax then eventually one will hit. That's what we did and if we got an acceptance that's where we really start doing some hard numbers. We came across one the other day for $80k below tax but when we ran the comps it was if the tax value didn't matter at all.

Jeff Filali · Answer

I've purchased one property thru hud home store, and bid on several others. You have to use an agent to put your bid in and you need to bid between 88-92 percent of the asking price to have a good shot at getting it.  They'll just keep listing it otherwise, I don't think they care whether it sells or not if they can't get close to 90% of the asking price.  I bid on one, and didn't get it and then three months later they lowered it to less then what I had originally bid, so I put in another lower bid and got it. You will need proof of funds within 24 hours.

Nishma Nana · Answer

Thank you for sharing the hudhomestore.com information...Is there any other websites one has used and found  great deals?

Boris Peyzner · Answer

Thank you all for the answers.  Pretty much gave me all the information I need.  Should have spent more time researching the company and less writing this post but all good.  Thank you!!

Rolanda Eldridge · Answer

@Boris Peyzner...HudHomestore.com is free.  You can view properties from all over the country.  However, you need a realtor to bid.  Once they accept, contract and EM needed in 24hrs.  Back in the good ole days,  2008-2009, I purchased every Hud property that I put an offer on for under 50%...Fast forward..Lot more competition and stronger market...GL

George Taylor · Answer

www.hudhomestore.com.

I have experience with my former partner being a HUD approved investor in NC, SC, and GA for the past 3 years in this category. It's great for the economy to be growing but when we first started there were over 300 properties available in NC alone and I checked today... 94..

Any home up to $50k there is only a $500 EMD and anything over $50k will be a $1k EMD. These are non-assignable contracts so be r=prepared to either take on the property yourself or do a transactional loan to flip it to another. If anyone needs some insight on anything I've discussed please don't hesitate to send me a message. I'm by no means an expert, just letting y'all know my experiences over the past 3 years.

Sam Shueh · Answer

Greg,

You are absolutely correct.  Few agents want to list HUD properties in our area. Training, different credentials. Frankly close to "0" REO properties for 3 years now.

HUD.COM - A good resource to buy?

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