2007-11-29 20:01:34 · 4 answers · asked by faron_jns 1 in Business & Finance ➔ Renting & Real Estate
I have attached a link to HUD. It appears after you fill in the pre-qualifying information, you can get a list of properties.
My exhusband and I bought a foreclosure in the early 90's and we went through a HUD approved realtor.
As for reselling at market value..I doubt immediately. My exhusband and I looked at properties for about 6 months and many were in terrible shape. Some needed as little as fresh paint and carpets cleaned, but most need new appliances, plumbing, electrical, wall, ceiling, roof repairs, new flooring or carpet and paint.
If you look in the area you live, you can inspect these homes prior to placing a bid/contract on them.
Good Luck.
2007-11-29 20:30:40 · answer #1 · answered by Patty O 6 · 0⤊ 0⤋
When you purchase a HUD or other foreclosed property, you ARE paying market value, since market value is determined by what a buyer is willing to pay. When you see some home purchases at what appears to be an unbelievable bargain, in reality the buyer got what he paid for.
Many of these unbelievable bargains have had appliances stripped, light fixtures removed, cabinets taken out, plumbing fixtures stripped and flooring trashed in the move out process. Some folks who are foreclosed seem to think that they can take anything which is not permanently mounted in concrete, and even then that doesn't deter them.
2007-11-30 07:24:53 · answer #2 · answered by acermill 7 · 0⤊ 0⤋
Sure you can sell it and you can make a profit. But to get the market value price could take good deal of your time. You should talk to a realtor who works with investors.
Find out where are the best places, the hot spots, in your area to buy. Learn what is the normal time on the market for a house.
Contact your local REIA, real estate investor association, to learn more about doing this.
2007-11-30 10:19:53 · answer #3 · answered by Anonymous · 0⤊ 0⤋
you can definitely purchse a foreclosure home... you probably wont be able to sell it right away but when the market gets better you can... also you may have to fix it up a lot of HUD homes are not always in the best conditions.. found a good site with tons of real estate information that will help.. good luck
http://www.goduckcreek.net/
http://www.goduckcreek.net/homebuyinginformation.html
2007-11-30 07:12:36 · answer #4 · answered by Pure Genius 3 · 0⤊ 0⤋