Quote:
Originally Posted by Rain Man
Hmm. There's a condo that's only about three blocks from my house, but it's not a steal by any means. Their stated price is more than the appraised value.
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HUD uses recent sale prices of similar properties in the area to come up with their listings. They just want to get as much money back as they can and usually ignore the fact that the house is in shambles. The trick to HUD houses is buying as an owner/occupant and pay cash. The house is normally listed for 2-3 weeks for owner/occupant only. It's a silent auction and if no one bids over their minimum they open the bidding to the investors/shysters. Bid low. Worst case scenario you piss off your RE agent.
I put in a low-ball offer on a house I liked and they took it.
$26,000 minus $2,600 first time home owner Obama bucks.
No more $1,000 rent. I am loving life.