http://www.REIClub.com - HUD Homes Are A Great Resource For Finding Below Market Real Estate. Here’s A Quick Explanation On Bidding For HUD Properties.<br /><br />Find a Real Estate Agent and Loan Officer<br />- http://www.hudhomestore.com/HUD/BrokerSearch.aspx<br />- interview the agent<br /><br />Pre-Qualification Letter<br />- Last 2 years W-2<br />- Last 3 months bank statements<br />- Last months Pay Stub<br /><br />HUD Property Categories<br />- IN - insured<br />- IE - insured w/ escrow<br />- UI - uninsured<br /><br />Hud Bidding Contract<br />- Line 3: place your bid<br />- Line 5: closing cost help<br />- Line 6a: 5% commission<br />- Line 6b: 1% commission<br />- Line 7: Net Proceeds<br /><br />How Much To Bid on Hud Homes<br />- Rule of thumb<br />- Asking Price = $100,000<br />- Closing Cost = $5,000<br />- Agent Commission = $5,000<br />- Listing Agent Commission - $1,000<br />- Net Proceeds to HUD - $89,000<br /><br />Hud Bidding Time Frames<br />- Accepted Bids - same day<br />- Selling Agent<br />- 7-14 days for fully executed contract<br />- 45 days for loans / 20 for cash buyers
