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.

Find a Real Estate Agent and Loan Officer
- http://www.hudhomestore.com/HUD/BrokerSearch.aspx
- interview the agent

Pre-Qualification Letter
- Last 2 years W-2
- Last 3 months bank statements
- Last months Pay Stub

HUD Property Categories
- IN - insured
- IE - insured w/ escrow
- UI - uninsured

Hud Bidding Contract
- Line 3: place your bid
- Line 5: closing cost help
- Line 6a: 5% commission
- Line 6b: 1% commission
- Line 7: Net Proceeds

How Much To Bid on Hud Homes
- Rule of thumb
- Asking Price = $100,000
- Closing Cost = $5,000
- Agent Commission = $5,000
- Listing Agent Commission - $1,000
- Net Proceeds to HUD - $89,000

Hud Bidding Time Frames
- Accepted Bids - same day
- Selling Agent
- 7-14 days for fully executed contract
- 45 days for loans / 20 for cash buyers