All Forum Posts by: Randy King

Kris, who do you use as the Trustee? The Trustee will be on public record as John Smith Trustee of 123 easy st.

@Mark Ferguson , any problem saying I don't want it and immediately submitting another offer at a lower price?

How does it work when you submit a HUD offer and click that it is OK to hold as a backup. I have situation where HUD is about to drop the price on the property and my backup offer would probably be acceptable. Do they automatically accept your backup bid? I do not want it now at that price. When the price drops, I will be able to get it at a better price than my backup. Is there a way to cancel the backup?

What about earnest money on a HUD where an offer has been accepted by HUD, contracts sent to HUD but HUD never approves the paperwork. I have one now that I am trying to buy in a land trust, and that is blowing HUDs mind. Can't seem to get them the paperwork that they like. Earnest money has been turned over to the listing agent.

@Bryan L.

I just started buying HUDs in February. 1st couple on months were good, then got into summer and had to compete with O/O. Starting to get better now.

I agree. My wife is a Realtor which has all of the above advantages. We do a lot of HUDs and it makes the process so much easier. This allows us to drop off the selling commission if we so desire.

I have bought several HUDs this year. My wife is a realtor, so it makes the process easier. One thing that I did not know until a few days ago, HUD lists the last 14 days sales activity (click on Bid Results at the top of HUD Home Store). The dates, net to HUD price and the selling Broker are listed. You can create a spread sheet and all kind of good stuff surfaces.

I think you have to factor in the entire portfolio when talking about return on investment and that includes idle cash awaiting investment. Money markets are paying almost 0. Idle cash invested in properties is at least saving the cost of obtaining a loan plus the interest paid on the loan thus providing a return on idle cash. Someone that is flush with cash may want to pay cash. When the cash starts to get thin, then one can look to leverage to increase cash on cash return or total portfolio return.

I know the easy answer is to get title insurance. In our area, this can run $500+ for a low priced HUD. For those that are actively buying HUDs, do you buy title insurance each time?

For those that do a lot of cash HUD deals, do you buy title insurance on each one? What would be the potential title problems that HUD would not wipe out in the foreclosure? I am thinking about getting a title search only in the future. What do y'all think?