Understand New York State HUD properties

3 Replies

Hi Everyone,

Recently on my drive for dollars I cam across a 3 flex that is listed as a HUD property. This multifamily had a hug sign in window explain it could only be financed up a HUD loan. Has anyone seen this type of sign before?

Has anyone every purchased a multifamily in New York state as a HUD property, if so what does it entail.

Thanks again everyone is always so helpful!

I purchased a HUD single family for cash in Orange County. It sounds like different scenarios though. You can usually gather a good amount of info from the HUD website. They have documents pertaining to the house as well as instructions for who can bid, when, etc.

It was a flip, and my first investment in NY, however I have done flips in CT prior. The actual buying/closing with HUD wasn't an issue at all. I did have to pay an extension fee due to their closing date and the municipal search in that city, and the fact after we went under contract they allowed the basement to flood (finished space) and never told me until I found out myself the day prior to closing. I'm not sure how HUD is with loans and multifamilies though.