Hud Foreclosure Properties
May 21st, 2007
Hud Foreclosure Properties
Question: How can I get started in buying foreclosures/hud properties without a lot of money saved up?
My husband and I would really like to get into buying foreclosed, pre-foreclosed, and hud houses to flip them. The problem is- we already have a mortgage and only have about 10K in the bank. I've heard that you have to have cash to buy auctioned homes. Are there foreclosed homes you can get a loan for? I'm just learning about this so any advice about how we can finance this would be greatly appreciated.
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Answer: Reality check. You can't.
You need access to funds, either your own or the bank or hard money lenders. Houses cost money.
Your only other option is to swing some owner financing deal, where the owner is essentially your lender.
Mayor Henry announces $7 million of HUD funding to address abandoned, foreclosed properties
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