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I would like to know how to buy HUD homes as investment properties. Thank you for your answers.

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February 12 2009 - Dallas
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Answers (8)

Just got out of a HUD nightmare. Until the system for buying is changed, I would not recommend it.
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August 22 2011
When going on HudHomeStore.com if you filter out the homes that are eligible for FHA financing, and only view uninsurable properties, you will find those are the ones that are great for investment if you plan on just renting them out...they will wheel and deal a lot fast on those REOs!!
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August 21 2011
Just to update this in case anyone else is interested, you now need to go to www.hudhomestore.com and search available properties.   With the new 30 day initial listing period only for owner occupants, the great deals on HUD's for investors are getting fewer.
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May 21 2011
Your Question is really old, so I wonder if you are buying them yet or still thinking about it.  HUD home Rock if you know how to do it.  I have found that if you go into outlying areas just outside of the metro area, they are a better bargain and easier to buy.  Once they go to a dialy auction they are a steal.....just FYI.  I help a couple last week get one.  Quite a breeze.  Have fun!!!!
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October 17 2010
Mark,

The question is over 18 months old!!!  The date of the post is listed below the OP's photo.

Naima
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October 17 2010
Find a local real estate expert with HUD access.

Hud homes are not always the best investment.  Usually there is too much competition for these homes.  This makes it hard to get a HUD home.  Look at bank foreclosures.

www.bidselect.com  you can search all HUD homes
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October 17 2010
every State has hired contractors by HUD to handle the sale of foreclosures.

For example, NHMS is the contractor that handles the HUD home sales in Ohio, NJ, NY, and Florida. Basically, they hire local agents(where ever the house is) to actually list the homes.

When HUD homes are first listed, they are offered to owner occupied buyers only (not investors). Once they've been listed for a little while, then they open up to all buyers(including investors).
Whoever handles Texas HUD's, their website should list the homes for sale and each home listing should tell the status as to who can buy this. If the status is for owner occupied only, it should specify the deadline date when investors can buy the home.

Note: Typically, any financing specials ran for HUD homes applies only to Owner Occupied buyers, not investors. So, unless you're buying cash, you'll need to have financing in place from your lender.

Check out this NHMS website and do a home search to see what I mean. (Do Ohio, by County, select Lorain County...plenty of examples there)
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February 13 2009
Here's the information from the HUD website. HUD homes are (according to the website) first offered to homebuyers who are going to live in the homes. If they don't sell, they're offered to investors.

This is the link for the company that handles HUD homes in the Dallas area. I am not affiliated with this company, nor do I endorse this company. The link was provided from the HUD website.

http://www.bidselect.com/servlet/RouterServlet?p_build_page=PSPropertySearchCriteria&siteid=62511&p_state_listings=TX

Also, how to buy a HUD home;

http://www.hud.gov/offices/hsg/sfh/reo/reobuyfaq.cfm

You would open up the pool of potential properties by also looking at foreclosed homes by lenders, as they do not have the rule that gives preference to homeowners who will occupy the homes.
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February 12 2009
 
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