I have to admit until recently I looked for every excuse not to sell a HUD Home. I kept remembering the painful experience from years back in showing the homes in the condition they were in and then trying to perfectly write a contract in BLUE ink only to mess up and have to start again.
Then of course, once you do find the perfect HUD home for your buyer, you have to play the guessing game of what is it worth. How much will HUD drop their price to compensate for all the repairs. Where did you set your commision and closing costs to avoid losing the bid? Next you have to work up a CMA of your HUD home to find the value of the home.
All of this has changed and HUD is working hard to improve the process.
I like the new process so much I moved to a broker that specializes in HUD Homes and has for 24 years.
Where else do you get
- FHA completed appraisal
- List of repairs required to meet FHA mps
- 3% commision with no lower than $1250. Try that on a shortsale property listed at $25,000 at 2.5%(would you even show it?)
- Electronic bidding and online contract where you fill in a header page and it does the rest
- 30 days of owner -occupant only bidding. Normally investors will snap them up first
- Notification of acceptance in as little as 1 day
It's worth a look at HUD Homes.