Realty Agents Community

HUD home Buyers Guide

2008-03-05T22:10:26Z

For newbies and seasoned investors alike, HUD homes are a great way to buy foreclosures because they are done in an auction style format with a specific time frame. Many of you lose out on great deals because you have to work during the day or have other obligations that aren’t conducive to looking at real estate. HUD homes work out great because bids are due by midnight on the day that the website lists. This will enable you to go through at your own leisure so long as your bid is put in by midnight on the day that the auction ends.

HUD homes are listed as either daily-all purchaser or owner occupant or daily owner occupant.

Daily all purchaser means that the home is open to all bids from both owner occupants and investors. New owner occupant homes come out every Friday and are listed as owner occupant for 10 days. Every Monday owner occupant homes from 2 Fridays ago turn into daily all purchasers if they have not sold yet. This means that the bids are due Monday by midnight. Many times owner occupant homes that make it past their Tuesday bidding time will end up going all the way to daily all purchasers. If you’re an investor who can’t look at homes on Monday be sure to go out over the weekend to check out the listings from the 1st Friday. One other way that properties end up going from owner occupant to investor is if the deal falls apart during the owner occupant period. Every Friday the entire HUD list is updated with new owner occupant homes, new daily all purchaser homes and price reductions on existing inventory. Homes with bids that are being considered will have read letters that say to check back after 4:00 to see if HUD decided to take the bid. Bottom line is the days to check HUD homes are Mondays and Fridays.

Locating HUD homes. There are alot of websites out there that would have you pay to get updated HUD listings but there is no need to pay for them the listings are FREE. I have put together a HUD finding tool on my blog (see my signature), just enter your state in the box over my picture and you will be transfered to the HUD website for your state. Note California Residents must choose Northern or Southern California. You can also find info at the HUD.gov website, I tried to take the work out of it for you though.

Agents if you are at the HUD locator please take note, I need agents to send the zipcode leads to.

Flipping a Property” Selling to an FHA Customer

2008-03-05T22:07:24Z

I bought a property a month ago from a gentlemen going into foreclosure. Paid off his balance, fixed up the place with paint, carpet, wood floors, and tile. Now seem to have a tough time selling the property with the FHA guidlines on holding a property so that the title is 3 months old. Does this ring a bell with anyone?

Is there any alternatives outside of sub prime loan buyers. Learning as I go and trying not to make costly mistakes.

Importance of being a broker

2008-02-17T03:09:13Z

My friend decided to become a broker, but he hasn’t any luck of making more money from it. I’m confused; if he’s not making more money than he usually does then why did some agents prefer to become a broker instead of being just an agent?

Any info on WLG?

2008-03-05T22:08:57Z

Some friends have approached me with a magazine and dvd about a company called World Leadership Group. It is run by a guy named Hubert Humphrey. My common sense and instincts tell me that it is just another MLM get rich quick scheme or pyramid deal.. It does not look like something I want to be involved in. I’m studying for the CA agent exam, and would rather make a living in a legitamite, honest way, (not saying that MLM isn’t legitamite, but you know...).

I was just curious about it, and if anyone has any hard information or facts about it that I may be able to pass along to my friends so they don’t end up in a situation that they regret.

Any advice or comments would be appreciated Thanks! What a great site this is!!!