Anyone with experience buying a HUD home

[Ryan Hazelwood]

There is a HUD home for sale that has been on the market for over a 100 days. It's a mobile home with a price of 145k. It looks great, but I'm not sure why it's not selling. Are there challenges to buying a HUD home and what is the general consensus with mobile homes as rentals? Do mobile homes generally depreciate faster than SFH? Thanks in advance.

[Greg H.]

Originally posted by @David Avery:

Ryan , its your lucky day, To answer your questions. Not to many problems buying HUD, have your agent walk you through it, pretty simple.

Generally HUD/FHA makes you live in the property, Home owner/occupant. But you can stay one night and say I did not like the next door neighbor and made it a rental!

Lot fee's can kill you if you have a deadbeat tenant, If your lot fee is $250 not bad but here in Phoenix some charge up to $800 a month.  ( just to use their space, swimming pool, etc, trash and water are included and sewer.

Sometimes the lot will have to screen your tenants, it can be very harsh at times.  Hopefully not the one you have your eye on.  

I would go to the property manager.  Generally a lady that runs the show and ask her all the above question about tenants.  And applications for such.

If you represented by your agent, he should have you  offer $129.000.  They will probably counter or they will accept.

Have you agent help you with all the above questions. He earns his money this way, no dis respect !!

So the "stay one night and move" is in direct conflict with the addendum HUD requires that you intend to occupy for one year

Additionally, since the property is a HUD, it will be on land that will convey with the property