Good Deal or Not A Good Deal
Hello BP Family I am a newbie in the real estate world . I just recently bid on a HUD home . I want to know if I have a good deal . The house have been on the market for over a year the price have been reduced twice . The market value is $106,000 my bid was $65,500 repair $10,000
Most Popular Reply
As someone who purchases a lot of HUD properties, I always look at it like this. Your $1000 Earnest Money ($500 if under $50k) gives you 30-45 days to evaluate the property to make sure the numbers work. If they don't, you can walk away
Based on the information given, no one can tell you whether this property is a good deal or not. I have purchased them at 40% of list price and the deal was marginal and I have also bid over asking and the property was a great deal