All Forum Posts by: Pat Jackson

I'm gonna have to pay for a pro account here soon, I feel bad getting all this information for free!

@Greg H., I called the listing agent to ask about the aforementioned property and another I haven't seen.  This second property's contract just fell through.  The story goes, the listing agents handyman did an inspection at 10 am on the day of closing.  At 11:45 am the listing agent goes to do the final walk through with the buyers.  In that 1:45 time period the copper pipe was stolen, and the contract fell apart.

That was 4 weeks ago. This property has been listed (on and off since there's at least 1 contract that fell apart) since April 2017. It's a 60+ day listing, and a contract recently fell apart. The asking price for the contract was $43,460. HUD has it listed for $39,144. Think offering less than the 88% rule will work here? In other words WWGD (What Would Greg Do)?

This thing is like a book!  Just read all 9 pages.

@Greg H., thanks for all your input, much appreciated!  You're really in the trenches.  For Greg or whoever else wants to chime in.

I'm looking at a couple HUD properties as investments in Missouri. A few questions.

1.  Does of the ~88% amount of the asking price still remain fairly true?  I'm a little lost on asking price vs. net.  An example, if the house is currently priced at $100,000 (extended bidding allowed), and I offered 88k, would my offer be accepted.  Would the closing costs and ~6% agent fees be included, or added on top of that?

2.  I put in a super low ball offer and got a counter.  I understand a counter is primarily an offer to rebid.  Is the best strategy to keep going up $500 or $1000 daily, hoping for a manual review?  I wouldn't go past my max.  This particular house has been on the market 30 days.  Just curious if I should put in my max bid, or what the best strategy is.

3. I called the listing agent on another house and was told "HUD really would like to unload this house". Was that bologna, or did that agent know something?

4. Any other hints or tips on properties that have been listed with HUD 30+ days?

@Tiffany Smith, when will work for you?  I get in tomorrow!

I've read just about every post on BiggerPockets pertaining to or mentioning Hubzu, the online auction site.  Common denominator=frustrating and irrational.  I'm prepared for that.  

I've been watching two properties for a few auction cycles.  Property #1 reserve was met last week, was "under review" for a few days, and then reposted.  Property #2 was bid on, reserve not met, and was back on the auction block in 30 minutes.  A few days go by and poof, they're both off Hubzu.  Just gone.  I assume they were sold in some capacity, but there was no explanation.  

Is this common?  Should I expect properties on Hubzu to just disappear?

@Tiffany Smith, @Jonathan Schneider, I can meet up Thursday or Friday for dinner.  Breakfast could also work Friday or Saturday.  What works for both of you?

@Tiffany Smith, @Jonathan Schneider, I get into St. Joseph on August 24, I leave August 26.  Can you guys meet up for dinner on the 24th or 25th?

@Jonathan Schneider, @Tiffany Smith  I may be traveling to St. Joe this month or next, I'd love to meet up.