Got an email from Steve the Realtor today notifying who the appointed closing company is to be. The packet of info required a signed document which I signed and dropped it in the mail.
Getting closer!
My Round House
Believe it or not, it's round!
Thursday, January 27, 2011
Tuesday, January 18, 2011
I win....
Good things come to people who wait! I was just advised via email from Steve the Realtor that I was the winning bidder at $30k.
Since it's a cash transaction, closing should be within two weeks.
Since it's a cash transaction, closing should be within two weeks.
I'm a happy camper and ready to move on to the renovation phase!!
Friday, January 07, 2011
Under contract again!
HUD's goal when selling property is to obtain the highest NET dollar after all expenses are paid.
He who offers HUD the best NET dollar after expenses WINS.
All bids are sealed and thus you get only one shot at being the successful bidder and you have no idea who your competition is....or if there is a competitor at all! That's the nerve wracking killer when trying to buy a HUD home.
He who offers HUD the best NET dollar after expenses WINS.
All bids are sealed and thus you get only one shot at being the successful bidder and you have no idea who your competition is....or if there is a competitor at all! That's the nerve wracking killer when trying to buy a HUD home.
The goal of any HUD bidder, owner-occupier or investor alike, is to find that fine line between getting the property cheap, only spending what he or she is willing to buy, and making sure their bid is acceptable by HUD.
I thought it over long and hard and with feedback from Steve the Realtor, came to the conclusion that 99.9% of HUD investors can't help themselves when it comes to bidding on a property. They want to feel like they scored the deal of the century!. They want to WIN...BUT....they want to win while NOT paying the full list price! Given that, I figured HUD bidders almost NEVER bid the full price.
My ace in the hole was quite simply that I wanted the house for me. Not as an investment, but for me!. Thus I was willing to pay more for it. I wasn't going to risk losing the property by trying to come in on the cheap side.
I thought it over long and hard and with feedback from Steve the Realtor, came to the conclusion that 99.9% of HUD investors can't help themselves when it comes to bidding on a property. They want to feel like they scored the deal of the century!. They want to WIN...BUT....they want to win while NOT paying the full list price! Given that, I figured HUD bidders almost NEVER bid the full price.
My ace in the hole was quite simply that I wanted the house for me. Not as an investment, but for me!. Thus I was willing to pay more for it. I wasn't going to risk losing the property by trying to come in on the cheap side.
I bid the full list price.
Thursday, January 06, 2011
Finally available for bids!
I've been checking the the HUD site sometimes 3-4 times a day for quite some time waiting for the property to show up on HUD's listing.
It finally showed up and is now available for viewing and bidding. And such a deal to be sure!! It was listed at a wonderful and mere $30,000. A full $10,500 less than the last contracted bid, $9,900 less than the homeowners original posting!
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