Will HUD act as a Lender for a flip?
Hello BP,
HUD has a foreclosure they wanted $47.5K for. I submitted a bid and they countered with $33.5K. Using the flip calculator, the max I'll pay is $18K. The ARV IS $70K. The only way the deal works at that price is if HUD holds the note, while I rehab the property and sell it. HUD can take their agreed upon price after the sale. This way I can avoid some of the holding costs, and closing costs. Before you say I'm nuts, all they can say is no. Anyone have any insight? or know someone at HUD that actually makes decisions?