Are HUD Foreclosure Houses Great Deals in Amarillo, TX

Pamela MadoreKeller Williams Realty[removed phone]-XXXXAre HUD Foreclosure Houses Great Deals? HUD stands for Housing and Urban Development--They are houses that were financed with an FHA loan ---Federal Housing Administration.Yes! No! The answer can be both yes or no. Let me give you a few examples.HUD Mobile Home On One Acre -- Purchase price is $46,000.Question Asked Of Me: How can I qualify for this property? Answer: That is tricky. In this particular case you can?t get an FHA loan without doing repairs and FHA won?t let you do repairs before closing. There are a couple of ways that you could go. We could find a lender that would do a ?repair escrow? which means that we could hold enough money out to do the repairs after closing. Or it is possible to do a 203K program which allows you to buy the property and borrow extra money to fix the house. We then also have the issue that many lenders won?t do that low of a loan amount. In addition there are very few lenders that will lend on mobile homes. According to the repair report, the roof needs work, the heater has some issues, the front decking needs repair and the skirting needs to be repaired/replaced. And finally, you would need to qualify for an FHA loan based on your income and your credit. Doesn?t all of this sound like fun. :-)Is it a good deal? Probably. If you want to jump through those hoops. HUD Mobile Home On 1.33 Acres With Detached 2 Car GarageThis is a great 4/2 mobile home. Not damaged inside and ready to move into. It is on 1.33 acres. The owner built a 2 car garage/workshop in the back right on top of the septic system. The city/county says the workshop (on a slab) must be torn down.Is it a good deal? Probably not.Single Family Home In S. Georgia ShoresThis is a 4/2/2 in a popular area. The HUD Property Condition Report doesn't list any major problems. Is it a good deal? Probably at $69 a square foot for that area.Many HUD homes are in bad shape. Those often go to investors when the price gets low enough. HUD isn't always reasonable about their prices either or when they reduce them or anything else. HUD is very unpredictable. I have placed bids where they would go down $1 and then I have placed bids and they accepted $10,000 less. Go figure.I do a lot of HUD homes and am a registered bidder. Call me and we can talk about it!MESSAGE ME Pamela MadoreKeller Williams Realty3955 S. SoncyAmarillo, TX 79119http://pamelamadore.kwrealty.com[removed phone]-XXXX