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HUD owned homes - still some good deals

Over the last few years, FHA mortgages became very rare so there were few HUD-owned homes that came up for sale. HUD homes are the result of an FHA mortgage that gets foreclosed. Now as FHA mortgages have once again gotten popular, the inventory of HUD homes will eventually increase.

Even so, there are still some great deals to be found on HUD homes. Our brokerage has been selling HUD homes for over 10 years. Not all brokers are registered with HUD, so not all of them can sell these homes. The paperwork for the bid process is a little tricky, so many brokers do not want to fool with these. I am an expert on their paperwork and can help you bid on any HUD home in the State of Florida.

I am seeing some fantastic HUD house deals out there. Some priced well under $100,000. HUD gives you 45 days to close on their properties. They also provide a detailed inspection on their website for you to review prior to bidding. Highest bidder gets the property. HUD has a minimum bid that they don't make public, and I know how to calculate that number for any property you want to bid on. Pretty cool.

You can see a list and detailed report of Florida HUD homes at their website. If you want to place a bid, please contact me.

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Rob Arnold, ABR, CPL, CRB, GRI, Managing real estate broker, Licensed mortgage broker, Notary Public

407-389-7318 / 1-877-389-7318 www.SDRhouses.com/ www.WeBuyHousesFlorida.com/

Your full service and investor friendly Realtor in Orlando. Learn to invest in Central Florida real estate and Orlando real estate. Investor mentoring and counseling available. I also provide flat fee MLS listings, For Sale By Owner, and menu-based services in most parts of Central & South Florida, the Space Coast, and the Treasure Coast including Orlando, Tampa, Miami-Dade, Fort Lauderdale, West Palm Beach, Ocala, Volusia, and Brevard.

We buy houses cash, sell properties, and list properties in Central Florida including Orlando, Winter Park, Maitland, College Park, Ocoee, Winter Garden, Apopka, Pine Hills, Altamonte Springs, Casselberry, Longwood, Winter Springs, Oviedo, Lake Mary, Sanford, Deltona, Debary, Deland, Daytona Beach, Melbourne, Mount Dora, Eustis, Leesburg, Clermont, Kissimmee, Saint Cloud, Davenport, Winter Haven, Lakeland, and more.

Posted by Rob Arnold, metro Orlando full service, investor friendly & foreclosure Realtor on 03/08/2008 02:13 PM

Comments (7)

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Originally posted at: Central Florida & metro Orlando real estate services: HUD owned homes - still some good deals

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7 Comments on HUD owned homes - still some good deals

MAR

2008

Rob-

I've made a few bids for potential Buyers of HUD homes a few years ago (when it seemed like there were a lot more HUD homes available) but I never actually won any bids. Yep, you go to their website and look up who won the bid on a particular house--it was never my Buyer. :(

Okay--I'll take the bait--> Exactly HOW do you calculate what HUD wants to net on the properties? I'm dying to know. (Mostly b/c I may have the opportunity to find a house for a cop that has to purchase a HUD home--nothing available for him just this month for his loan program--and I want to do everything right...) Maybe I learned back in the day but, if I have, I've certainly forgotten b/c I haven't shown a HUD home in probably 2 years now. Plus, I just found out this year that there's that HUD program that you can buy a house with $500 (I was reading on the website in January) and, while everyone's looking to pre-foreclosures, short sales, and bank-owned properties, I'm thinking about reviving my interest in HUD homes. :)

MAR

2008

The # of HUD homes has been slim lately because there were so few FHA mortgages being done in the last 3-4 years. That will be changing now. There are quite a bit of them though in some of the more rural counties. One of my buyers just won a bid on Friday, we got it for the minimum bid with apparently no other bidders. I sold about 4 HUD homes in the last year.

If you want to know the minimum bid amounts, just email me and I will send them to you privately. HUD does have some sweet deals here and there for various types of buyers. I sold a police officer a house for half price a few years ago and he got a great deal and later re-sold it through me and made a small killing with the profit.

With HUD just raising the limits on the purchase price to over $270,00 this should really bring buyers running with more properties priced lower than they have been in years. Nice post Rob.

Rob-Have you seen the (one) Winter Park condo available via HUD? It's at 7444 Woodburn Ct. in Hidden Oaks and is listed at $118,800. It's been for sale for 435 CDOM but 37 days with the current agent/company (Trent Realty, who I notice puts a lot of HUD homes into MLS). Any Buyers for it? And, yep, I'll be e-mailing you a little later re: minimum bids.

I bet you looked like a god to your cop that you got a steal for, then a windfall when he sold. :)

Rob,

The public do not really understand what they are looking at....no matter how you explain it. I truly believe that they think HUD and FHA are the same thing.

The smart investor has made HUD a way of life and what is left is not for the low or no downpmt Buyer with limited income....yet they are the ones who call and think they can buy....I have other options for these potential Buyer's yet they think HUD is the only way they can buy........just my humble opinion.

Gary - FHA raising their mortgage limits should be one of the best things to happen in the real estate market in quite some time.

Lisa - I saw that condo, but I don't have many customes intersted in condos these days. There is one on Hernandes in Pine Hills that might become a good deal at the right price. I believe Trent is a broad listing broker for several counties around metro Orlando.

Dan - The only ones I am selling HUD houses to are investors. We just put one under contract for 40K last week. Now that is a good deal considering it is on the insured with escrow list. It will definitely bring a positive cash flow.

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