How to Buy Bank Owned Properties or HUD Properties

In my experience bank owned properties are better than HUD properties. The HUD properties are government owned and they are less willing to negotiate. Banks, on the other hand are privately owned and you can usually more willing to deal. In today's crazy market sometimes the bank just wants to dump properties that they have had on their books for a while so don't be afraid to make an offer that seems ridiculous to your real estate agent, you may get lucky. I have bought many properties this way. HUD properties can be good deals also, but they rarely are as good of deals as buying properties owned by private banks

Difficulty: Moderate

Instructions

Things You'll Need:

• internet
• realtor

1. 
    
   real estate agent

   Find a source of properties listed for sale, either from the internet or through a qualified real estate agent.

2. 
    
   map out yor route

   Map out the properties and take a drive and look at the outside of the property to see if you are interested in investigating further.

3. 
    
   set an appointment with a realtor

   Contact a good real estate agent to set up an appointment to look at the inside of the properties

4. 
    
   replace house windows

   Items to look for include:
   Is the foundation in good condition
   Will the windows need to be replaced
   What is the condition of the roof
   Condition of the furnace, wiring, and plumbing.
   Signs of termite damage
   
   Cosmetic concerns, such as paint needs, carpeting and/or flooring, cleanliness, holes in walls, etc, are not as important, as these are relatively easy to fix.
   But the other items listed above are pretty major jobs to be considered.

5. 
    
   handyman

   The next thing to consider is, how much of the work you are able to or want to do yourself.
   
   All of these must be factored into your consideration before making your final offer.

Tips & Warnings

• Be willing to walk away if they refuse to counter your offer with a decent offer in return.
• Don't be too anxious.

[jsteele]

on 11/21/2009 Great article and very helpful and informative. 5* and rec.

[formythreeboyz]

on 11/19/2009 Thanks again for the info. Another 5*