Selling HUD Properties in the Mineral Area

Real Estate Agent with STL Buy & Sell Real Estate Services 2006005375

I met a new investor the other day and we got into the discussion of buying HUD properties. He thought that these might be better deals or offer some untapped return that others had not found yet. I explained to him that HUD properties can be bought at a very good price but they are like many other properties, you need to know what you are buying and what the purpose of your purchase is. To make a long story short, he wanted to turn these properties into rentals.

Our discussion covered everything from the bidding period (sometimes open to just owner/occupants for the first week and then open to all buyers there after), the diffence in contract from our state forms, to the long process of waiting for an actual signed contract to come back to us (usually the day of closing). I think I overwhelmed him because he left telling me he would get back to me and to maybe look for some multi-family properties for him to look at.

The process of buying a HUD property is long and unusual compared to that of a normal residential purchase but during these times, great bargains can be had. I have sold several in the past few months and they do not seem to be getting easier. However, all of my buyers have been happy and truly feel they got a real bargain so for them, it was well worth the time and rollercoaster ride.

There are currently 41 HUD properties for sale in Jefferson County, MO; 10 in St. Francois County, MO; 3 in Washington County, MO; 2 in Ste. Geneveive County, MO; and none in the counties of Madison and Iron. These properties range in price from $145,000 down to $15,000. You can look these properties up at my website or you can view them on BidSelect.

If you are interested in buying HUD properties, talk to your local REALTOR. He or she will be able to assist you or send you to an agent who is experienced in selling HUD properties. For you agents who are looking for a "niche," I have found this to be frustrating but a constant flow of business and leads. I am averaging about 3 closings a month just from foreclosed properties. The time spent on these contracts is more than usual but it has also led to many referrals and repeat clients. Thanks for reading and have a great day!


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