HELP! Bid Accepted
Hello everybody,
I have posted this in the Beginners forum also.
I placed a bid on a HUD foreclosed house 2 days ago and I won the bid. I pretty sure by looking at the comps at the Appraisers office I can turn it around for about 15K profit.
I have to change the carpet and paint to make it look pretty.
My question is since I have only 5 days what are the things I need to check? Clear title? Does HUD do this?
Should I get an appraisal on the house? 300 bucks! How fast can I turn it? and How do I NOT get OVER taxed on my profit?
Thanx for all your help!
1st one! I'm on way (with a lot help from this board)
Dave
Dave_Pam@yahoo.com">Dave_Pam@yahoo.com
Also what is a good way to market it? 3/1/1 bought for 47K comps are anywhere from 50- 68K . I looked at one and it sold in Nov of 02 for the 68K. Same size, SF, and extras. Nothing differant.
I also would like a 100% loan on this. I do have Conventional lined up but I think that requires a 10 - 20 % DP and closing costs. I don't want to pay that if I do not have to.