Whats the catch? Purchasing HUD Foreclosed homes

Cleveland, Ohio
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Whats the catch? Purchasing HUD Foreclosed homes

Christopher Rossi
Member since 2018 · 9 posts · 1 vote

So on HUDForeclosure.com you can purchase a functioning/decent house that could be instantly rented for $85K in a class B neighborhood with a market value of $172K that rents for $1500. 

What am I missing here? There are many deals similar to this. If it's too good to be true it usually is.

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  • Bob CollettPro Member
    Property Manager · Brecksville, OH · Member since 2014 · 486 posts · 464 votes
    7y

    What is address?

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  • Bob CollettPro Member
    Property Manager · Brecksville, OH · Member since 2014 · 486 posts · 464 votes
    7y

    The HUD website is www.hudhomestore.com to search for the HUD properties.

    A real estate agent can get you inside or preview it for you. Owner occupants get the first shot before investors. Expect lots of competition and often dozens of offers. HUD does not disclose or repair defects.

    Cash is best.

    Bob

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  • Greg H.Pro Member
    Moderator
    Broker/Flipper · Austin, TX · Member since 2013 · 4k+ posts · 4k+ votes
    7y

    The catch is that the website you are using will contain property listings of properties that may have sold years ago

    The ONLY website to use for HUD properties is hudhomestore.com. If it is not listed on that site, it is not currently available

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  • Christopher Rossi
    OP
    Member since 2018 · 9 posts · 1 vote
    7y

    Thanks @Bob Collett @Greg H. you just saved me a $40 membership fee!

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  • Bob CollettPro Member
    Property Manager · Brecksville, OH · Member since 2014 · 486 posts · 464 votes
    7y

    You are welcome 

    0Reply
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