Expert: Diann Tonnesen - 7/20/2011

Question
Hello,
I hope this email finds you well.  Do you know of any free websites or pay sites that will allow me to search for residential investment properties in Georgia?  I have had bad experiences with Agents in the past and I need to search for deals on my own.  Thank you for your help.  Also, what qualifications must one have in order to buy a HUD home?

Answer
Hi Rashad,

There are a number of free national sites that you can use to search for properties in any part of the country: realtor.com, homes.com, trulia.com, realestate.yahoo.com, etc. The problem with the national sites as opposed to the local agent sites is that they are only updated every two to four days, and most include "contingent" properties that already have contracts on them.

That is why it is usually good to find ONE agent that you can work with - someone that you can trust and who knows exactly what you are looking for. They can set up an automatic search of the local MLS so that you will be notified IMMEDIATELY as soon as any potential properties come on the market. The best deals always go within a day or two, and sometimes within hours. Since the national sites don't update in real time, the below market steals are already gone before you would be able to access them on a national site.

You said you had had bad experiences in the past. Can you elaborate? Maybe we can figure out together what went wrong so that you can find an agent that will work for you.

Qualifying for a HUD home is the same as any other. Your lender will look at your down payment, total assets on hand, credit rating and income, and then make a determination of what they feel you can afford. You absolutely MUST get a lender's full approval in hand before you can even make an offer on a HUD home, however. HUD will not even look at an offer if it is not accompanied by a bonafide lender approval.  

Hope that helps a bit, and let me know how else I can help.