sweetpeasmom
Pearl Clutcher
Posts: 2,652 
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Post by sweetpeasmom on Aug 3, 2014 21:44:47 GMT
Does anyone have any experience with this? How long of a process was it? How close to the list price did you bid? What was the final outcome?
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freebird
Drama Llama
'cause I'm free as a bird now
Posts: 6,927
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Post by freebird on Aug 3, 2014 21:56:12 GMT
we did. It was repossessed. It was also a huge nightmare but I think it had to do more with the fact that it was a manufactured home that had a lot of damage really more than anything else. We had a hard time getting a loan on it. (really long story).
The up side is that we got it at 1/3 the appraised value at the time, and currently it's worth double that appraised value. (I have the only manufactured home in the country that went up in value... really). We put a ton of work into it.
As an aside, we're writing the final check on it tomorrow.
Oh, and if I had to do it again I would... but it was really stressful process.
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sweetpeasmom
Pearl Clutcher
Posts: 2,652
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Post by sweetpeasmom on Aug 3, 2014 22:21:04 GMT
What percentage of the list price did you get the bid at? Did you get an appraisal before bidding?
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Post by bdawnb on Aug 3, 2014 22:25:17 GMT
My experience probably doesn't count because it was so long ago and I'm sure things are handled differently today. My first house was a HUD home. I bought it when was 24 over 25 years ago. I would say it was easy, but I don't really have anything to compare it to, as my husband already owned this house when we got married. I offered $20,000 less than they were asking, but they accepted it, they even repainted and put in new carpet. It wasn't that expensive of a home either. I don't remember it taking very long.
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freebird
Drama Llama
'cause I'm free as a bird now
Posts: 6,927
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Post by freebird on Aug 3, 2014 23:59:37 GMT
since ours was a repo, there was no list price. Highest price took it (owner occupant first) and then if there was no owner occupant then investment bids come up next. We don't have a HUD loan, we had to get a loan from our local bank.
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kelkel
Junior Member
Posts: 77
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Post by kelkel on Aug 4, 2014 1:30:11 GMT
We bid on several last year. We typically bid the asking price or very close to it. Supposedly, the bank keeps all bids sealed and then reviews them at once. It goes to the highest bidder, but other things can influence the bid such as financing, etc. We were outbid on every single one and we did not need any financing. I don't know if it's the norm, but around here, a nicer HUD home bid/purchase is very competitive.
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sweetpeasmom
Pearl Clutcher
Posts: 2,652
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Post by sweetpeasmom on Aug 4, 2014 2:02:13 GMT
There is a house we found a few weeks back. It was a foreclosure in Nov. Just listed with HUD this weekend. The house needs a ton of work. DH added it up and if he did the work, around $15k. If a contractor did the work, close to $20k (or more). The asking price, in our opinion, is way higher than make sense with all the work that needs to be done. So we were just trying to figure out if going a good bit below the asking price would be a good idea or not. If close to or right at asking price is the norm, we say forget it.
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julieb
Pearl Clutcher
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Post by julieb on Aug 4, 2014 2:15:04 GMT
We bid on a foreclosed condo for our dd. Listed at $160k and then lowered to 140K, we offered 112K first time and bank said to come back with the "serious offer". We offered 130k and they accepted. That was 3 years ago and we are listing condo for $230k. Put in about 14k in kitchen and floor refinishing, paint, etc.
The process wasn't bad except for chase bank. They were horrible with their process for getting financing on a condo. I would never use them again for any purchase.
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