Although the repossession market appeared dried up last summer, houses are beginning to appear on foreclosure list again. Stacie Jordan with Bankers Financial Mortgage Group says that this may be the beginning of another real estate investor boom.
(PRWEB) January 5, 2005 -- "Finding a good deal can be a reality if you have the right tools", says Jordan. "Don't waste your time using a Realtor who is not familiar with selling HUD homes. Any mistakes can cause the bid to be rejected. It is in your best interest to find an agent specializing in HUD homes, and go in open minded. It is not a difficult process for your agent to make a computer bid. You need an agent willing to make a few bids to get a successful bid. This is like winning the lottery, but the odds are in your favor."
All bids must have a lender's loan commitment statement. Lenders unfamiliar with HUD requirements also waste your time. Not all lenders understand HUD's bid and finance process so be sure you contact a lender in advance of looking at properties. A good agent and lender team will help you place the proper bid,advise you on how to raise your offering bid to cover come of your closing costs and keep your expenses down.
Don't get attached to one particular property, new HUD listings post weekly including previously bid properties that fall out of escrow. Many bargains do sell for far more than the minimum bid, so hold out for the one property that does not get way overbid.
So your key to finding a good deal is simple, a real estate agent and mortgage lender who stays on top of recently revised procedures relating to government-owned properties.
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