Just some quick tips to help your investing dreams come true faster.

When dealing with an REO or Real Estate Owned property where the owner is HUD, the process of acquisition is a very different for investors.

Here are some simple do’s and don’ts.

Don’t:

1. Expect the bank to consider any price concessions due to physical issues with the property.  It will be sold “AS IS WHERE IS” in most cases 99.9 times out of 100.

2. Expect your offer to be considered before a potential home owner.  HUD is focused primarily on selling REO property to individuals who want to live in the home as a primary residence.  This is usually handled in a bidding process.

Do:

1. Request that HUD pay for Closing costs and Real Estate agent fees.  Typically they will pay fees if it makes sense and they will pay real estate commissions.

2. Provide a $1000 minimum binder at the time of bidding to the HUD Broker.

3. Be prepared to close within the allotted amount of time provided on the final property purchase contract.  This could be 30-6 days based on the particular deal.

4. contact us for any questions we are here to help you accomplish your goals in Real Estate.