You need a broker. If you build a relationship with a broker they will give you their information and you can bid yourself. The key is to bid on a lot of properties.
Also, all HUD cares about is their "net to HUD"... Meaning if you bid $100k on a house, the net would be around $95k to HUD because your agent would get a
$5k commission. If I bid $100k the net
to HUD would be $100k approximately and I would get the bid. I have an arrangement made with a Broker I am working with and pay her a flat fee of
$500.00 after it closes! HUD pays what they call a "broad listing broker" a small
percentage to list in the MLS for them for each specific area.
For more information on HUD you can visit: www.goldenfeather.com
The money from Section 8 comes from pmi. Less than 3% of all people ever collect their pmi money. There is so much unclaimed money, that is why in my area people are actually getting mortgages where section 8 pays for their mortgage for up to 15 years.
Quote:
On 2004-02-25 23:07, tinman1755 wrote:
The money from Section 8 comes from pmi. Less than 3% of all people ever collect their pmi money. There is so much unclaimed money, that is why in my area people are actually getting mortgages where section 8 pays for their mortgage for up to 15 years.
Lori
What is pmi? I like to get mortgage for 15 years that No. 8 pay for me for 15 years. How can I get this mortgage. It looks great.[ Edited by CREIPAP on Date 02/27/2004 ]
You need a broker. If you build a relationship with a broker they will give you their information and you can bid yourself. The key is to bid on a lot of properties.
Also, all HUD cares about is their "net to HUD"... Meaning if you bid $100k on a house, the net would be around $95k to HUD because your agent would get a
$5k commission. If I bid $100k the net
to HUD would be $100k approximately and I would get the bid. I have an arrangement made with a Broker I am working with and pay her a flat fee of
$500.00 after it closes! HUD pays what they call a "broad listing broker" a small
percentage to list in the MLS for them for each specific area.
For more information on HUD you can visit: www.goldenfeather.com
Best Riches,
Jeffrey Adam
[addsig]
Is it true that the government is planning on phasing out Section 8? Has anyone heard about that?
The money from Section 8 comes from pmi. Less than 3% of all people ever collect their pmi money. There is so much unclaimed money, that is why in my area people are actually getting mortgages where section 8 pays for their mortgage for up to 15 years.
Lori
[addsig]
Quote:
On 2004-02-25 23:07, tinman1755 wrote:
The money from Section 8 comes from pmi. Less than 3% of all people ever collect their pmi money. There is so much unclaimed money, that is why in my area people are actually getting mortgages where section 8 pays for their mortgage for up to 15 years.
Lori
What is pmi? I like to get mortgage for 15 years that No. 8 pay for me for 15 years. How can I get this mortgage. It looks great.[ Edited by CREIPAP on Date 02/27/2004 ]