Low Ball Offers on HUD Foreclosure Properties

March 12, 2008

It is possible to submit a low ball bid on a HUD foreclosure property. In fact, if there are no other bidders HUD is very likely to accept the low ball bid assuming it is within 85-88% of the original listing price. This low ball strategy works best for owner-occupant bidders submitting offers on less [...]

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How HUD Foreclosure Bids are Placed

March 11, 2008

Placing a HUD foreclosure bid is a relatively simple process. Once you’ve chosen the foreclosure home you wish to purchase, let your realtor know the amount you wish to bid. He can instantly enter the bid into HUD’s online auction system. Before bidding on any property, you must: fill out a simple form,  give your [...]

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HUD Announces New Limits for FHA Mortgages

March 10, 2008

HUD recently announced new limits for FHA-insured mortgages. Many owner-occupant bidders on HUD foreclosure homes choose FHA financing due to low downpayment options and flexibility. The FHA 2039(k) loan, for example, gives borrowers the opportunity to take out money for home repairs as a part of the first mortgage. Now, the new limits give borrowers [...]

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How to Become a HUD Approved Realtor

March 6, 2008

Becoming a HUD approved realtor isn’t difficult. In fact, some realtors complete HUD training just so they can save on the commission costs when buying HUD homes (it can be up to a 5% savings to bid on the home yourself). If you’re thinking of becoming a HUD approved realtor, here’s what you need to [...]

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$100 Down Payment Incentive on Wyoming HUD Homes

March 5, 2008

The government is currently running a $100 down payment incentive on HUD homes for sale in Wyoming. In order to qualify you must bid as an owner-occupant, pay the full starting bid price, and use FHA-insured financing. When putting together your bid, make sure $100 is entered as the down payment amount. Note that if [...]

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Who is Michaelson, Connor, & Boul?

March 4, 2008

Michaelson, Connor, & Boul, Inc. is a real estate asset management company contracted by the government to sell HUD homes in the following states: Arizona Colorado Michigan Montana Nevada Ohio Utah Wyoming Michaelson, Connor, & Boul is the only company that can list HUD homes for sale in these states. However, as a bidder, you [...]

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Financing HUD Property Repairs

March 3, 2008

For a long time, the FHA 203(k) loan was one of the only ways to have a borrower could get money for HUD home repairs, without taking out an additional loan. The FHA 203(k) loan will lend the estimated value of the property post-repair. For example, if a property’s current value is $70,000, but it [...]

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HUD Secretary Advocates for Lower Down Payments on FHA Mortgages

February 28, 2008

HUD Secretary Alphonso Jackson recently sent a letter to Congress, urging them to approve lower down payments on FHA-insured loans. FHAloanpros.com explains: “Specifically, Mr. Jackson advocated for, among other things, “flexible down payment options.” HUD clarified “flexible down payment options” to mean cutting in half the current FHA down payment requirement of 3% to 1.5%.” [...]

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HUD $100 Downpayment Program in Pennsylvania

February 27, 2008

HUD is currently offering several incentives, including a $100 downpayment program, for bidders in select Pennsylvania counties. Here’s what to look for: $100 Down payment financing is available on most properties through FHA approved lenders. Sales allowances that can be used to pay closing costs, make repairs, or pay down the mortgage amount. Broker bonuses [...]

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Ohio HUD Homes: Less Than a Cup of Coffee?

February 26, 2008

In a recent Chicago Sun-Times editorial, Jesse Jackson claims that Ohio HUD homes are drastically underpriced: “Ohio is also the epicenter of the housing bust. Some 150,000 homes went into foreclosure last year. Across the country, one in 10 homes are “under water” — worth less than their mortgages. That ratio is much worse in [...]

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