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HUD Properties/Questions Answered by Expert Steele V. Propp
| Subject | Date Asked |
| renting HUD homes | 1/21/2012 |
| Q: I would like to purchase and rent HUD home(s). Can I rent them in the open rental market of their ... A: As long as you purchase the property as an investor it is my understanding that you can rent to whom ... | |
| HUD home burglerized after contract | 1/9/2012 |
| Q: Our contract for a HUD home was accepted and 3 days later the home was broken into. They took the ... A: Not an attorney but I don't think HUD would have a leg to stand on in a case like this. If you ... | |
| hud form 9548 | 12/30/2011 |
| Q: Our broker submitted HUD form 9548 with buyers intention to occupy the home for at least 12 months. ... A: While they probably would not catch you it is not worth the risk. You have a legally binding ... | |
| Owner Occupancy Question | 12/23/2011 |
| Q: My wife and I are looking to down-size and move into a multi-unit property for a few years to save ... A: Not trying to be harsh, but you will have to comply with your contractual agreement. If it states ... | |
| occupancy 12 months | 12/19/2011 |
| Q: I purchased a HUD home and signed the certificate of occupancy stating I would live there for at ... A: The reason for this restriction was to keep investors from pretending to be owner occupants and then ... | |
| Holding Tanks | 12/7/2011 |
| Q: I'm confused on a previous answer you gave where you combine "cesspool/pit or holding tank (for ... A: I don't believe it was I who gave you that answer (unless I have totally lost it, which is ... | |
| Sewage system | 11/16/2011 |
| Q: the subject property is serviced by a bore hole that dumps sewage into old mines. It is a drilled ... A: I can't say I have ever heard of this. However, when things out of the ordinary appear FHA will ... | |
| property management | 11/4/2011 |
| Q: I am looking to start a new property management buisness. But only dealing with vacant properties ... A: You need to start with your state's licensing authority (probably real estate license). Many do ... | |
| getting separated, can i buy a hud owner occupied home? | 11/1/2011 |
| Q: .. my question is... can i buy a hud owner occupied home if i already own another home and my wife ... A: You should contact the local HUD representative immediately. As I said, they may make an exception ... | |
| getting separated, can i buy a hud owner occupied home? | 10/30/2011 |
| Q: .. my question is... can i buy a hud owner occupied home if i already own another home and my wife ... A: Yes, there would probably be a problem with this. As you are separated and not divorsed, it would ... | |
| Foreclosed home | 9/23/2011 |
| Q: I recently tried purchasing a foreclosed home under the 203K program. My credit score was a 630 and ... A: If you are interested in the property it is definitely worth the attempt to negotiate. But in my ... | |
| addendum to title and how long to close | 8/14/2011 |
| Q: I am going crazy with trying to buy a HUD condo. Have done and given every paper, now they tell me ... A: Not sure what the "title addendum" is. If changes are asked in the process of closing an addendum ... | |
| tranfer deed | 8/10/2011 |
| Q: Greeting, My mother in-law brought her HUD home back in 1987, it is now 2011 and she wants to ... A: First of all, I am not an attorney. So this is not a legal opinion but rather my own based on what ... | |
| Foreclosure Training | 7/22/2011 |
| Q: I am looking for formalized training on foreclosures for bank employees. I can only seem to find ... A: Actually I do training in foreclosure and pre-foreclosure. I have taught consumers going through ... | |
| Hud Pool Covers | 7/13/2011 |
| Q: We are currently in the process of buying our first home, a hud, which also has a pool. Due to ... A: Each area of the country is serviced by a local company that works for HUD. And they can have ... | |
| Buying a foreclosure while existing home is in escrow | 7/10/2011 |
| Q: Can I buy a foreclosure bank owned house while my current home is still in escrow? Will any lenders ... A: I need more information. Are you saying you could afford the payments on both houses during the ... | |
| HUD Contract versus Title | 7/8/2011 |
| Q: We have won a bid on a HUD home in Florida with our son as owner occupant. My husband listed just ... A: Since you are not on the purchase agreement you will need to let the title company know that you ... | |
| FNMA accepted offer but HUD said NO. | 6/25/2011 |
| Q: I appreciate your opinion and this is our situation. We put a Cash bid in on a FNMA property. They ... A: Sorry for the delay in answering. Was having trouble with my servers. Unfortunately, yes, I ... | |
| hud | 6/17/2011 |
| Q: i recently put in a bid for a hud house & was accepted my question is can i move-in to the house ... A: Absolutely not. HUD never allows an early move-in. The liability is too high. And should a real ... | |
| HUD owner occupied - owner needs to move | 6/7/2011 |
| Q: My brother bought a HUD property that is required to be owner occupied. A family medical emergency ... A: I can't answer for HUD but often they will allow something like this as it is an extraordinary ... | |
| Escrow | 6/1/2011 |
| Q: My son is buying a HUD property which on the listing gives the information that it has $1,100.00 in ... A: Typical this is held by the closing company to pay for the specific repairs once they are done. But ... | |
| hud info | 5/24/2011 |
| Q: can a person buy a hud home for cash and then rent it out before they have owned it for a year and ... A: If one bought it during the "owner occupant" bidding period it would be fraud to do this. And they ... | |
| sepit tank | 5/16/2011 |
| Q: is there any assistance to help pay for a septic tank on family own land in ohio county ky A: As I am in Minnesota, I can't answer you that specifically. However, I would start with a call to ... | |
| forclosure with PMI | 5/16/2011 |
| Q: I have a property that is in foreclosure. It will have a large deficit. Appraised value about ... A: Alabama does allow for deficiencies. I would be working with the lender to develop options. There ... | |
| forclosure with PMI | 5/13/2011 |
| Q: I have a property that is in foreclosure. It will have a large deficit. Appraised value about ... A: Depending on your state foreclosure statutes, the lender may or may not be able to come after you on ... | |
| HUD insured escrow | 5/13/2011 |
| Q: I've read your other answers about insured escrows and have a specific follow up. I am bidding on a ... A: You need to go over this with your loan officer. I have worked with the 203K rehab program and the ... | |
| insurance | 4/29/2011 |
| Q: is there insurance on a HUD home while it's vacant & for sale? ANSWER: I believe so. Why do you ... A: I would contact the real estate company that was handling the sale (listing company). They should ... | |
| Will HUD repair minimum damages | 4/27/2011 |
| Q: I am a first time home buyer, single parent, and a veteran and I found a HUD home that's affordable ... A: HUD looks at this situation on a case by case basis. So I can not tell you with 100% certainty that ... | |
| How to become a new vendor | 4/20/2011 |
| Q: I am located in Alabama. I was just seeing if anyone knows what the process is getting to be a new ... A: Every state is different. And as I am a "Yankee" from Minnesota way, I don't have access to Alabama ... | |
| insured escrow | 4/14/2011 |
| Q: if i have found a hud home and it has two things listed under repair escrow if one is ok with the ... A: Usually if there are two items listed they will want to see the two items done. If I am ... | |
| cleanouts | 4/13/2011 |
| Q: my question is now that i got my license how would i go about getting some clients. A: Believe it or not I get asked this question a lot. Frankly, the best advise I could give you is to ... | |
| Hud Owner occupant | 4/11/2011 |
| Q: I would like to purchase a mobile home from HUD as an Owner occupant. I would like to move the home ... A: Sorry, but I have to answer your question with a question. Are you just buying the mobile home ... | |
| HUD Purchase & Add a second dwelling | 4/5/2011 |
| Q: We are just about to submit an Owner Occupied bid for a HUD property and will pay cash. The house is ... A: As I have said before there are no "Occupancy Police". Even if they were the main point is that ... | |
| FHA - Zoning SFR vs Duplex | 4/2/2011 |
| Q: Question, will FHA insure a SFR Single Family Residence whose Legal description is SFR 1 unit, but ... A: If it can be shown that it is, in fact, a single family residence, yes. The legal description might ... | |
| Co signer | 3/24/2011 |
| Q: I have the same problem posted earlier and was wondering if there has been any changes since it was ... A: Good question. HUD might have a rule against co-signers. If they did I would think the reasoning ... | |
| fha title 1 loans | 3/22/2011 |
| Q: we are about to embark on a go green energy conservation program for homeowners but we are having ... A: I am only slightly familiar with the program but I would go direct to the HUD website. They should ... | |
| HUD | 3/15/2011 |
| Q: There is a HUD property that went under bid and closed in 12/10. It has been under contract since ... A: I am sorry but I am just a little confused by the scenario. Please clarify. This HUD home has ... | |
| reverse mortgage | 3/15/2011 |
| Q: I know this isn't your specialty but you might know something about my mothers situation.My mother ... A: You are correct in that this is not my specialty. But in my limited experience with this type of ... | |
| Hud rental requirements | 3/15/2011 |
| Q: I have rented a hud acquired property for the past four months and when it got cold our electric ... A: This really had nothing to do with HUD being the former owner. This is strictly a rental dispute. ... | |
| hud house /owner occupied | 3/15/2011 |
| Q: Our daughter is buying a HUD house for cash. She is planning on moving in it soon after closing. ... A: If she lives in the house she purchases from HUD she is an owner occupant. My only question would ... | |
| Appraisal | 3/2/2011 |
| Q: I have been approved for a FHA home loan for a hud property. But the appraisal for the home I would ... A: Have you looked into the FHA 203K loan program? This is an FHA loan that includes repairs that will ... | |
| Deed in Lieu Negotiation | 2/25/2011 |
| Q: I am in DIL negotiations and the investor is offering a DIL if we pay $58,000 (over 15 years no ... A: A deed in lieu requires that the two parties agree to the terms. So, yes, any agreement is ... | |
| HUD | 2/24/2011 |
| Q: we are buying a foreclosed home. HUD statement is as below. I wanted ask you if you see any numbers ... A: While I can not speak to specific numbers like taxes or insurance (I have to presume that they are ... | |
| Hud Home | 2/24/2011 |
| Q: This is an OO question. I need to buy a house for my adult son. He does not qualify for a loan. ... A: I believe if you are co-owners than probably this would work. But if you are buying and solely on ... | |
| housing | 2/20/2011 |
| Q: i am a disabled person with MS.. and i live with my mother in law in her home.. she is 83.. now she ... A: This is a very tough situation. First of all, have you guys been in contact with the bank regarding ... | |
| repair escrow | 2/14/2011 |
| Q: is this tax deductible A: If you are talking about a repair escrow that you pay for and use to upgrade the house, then, no it ... | |
| Redemption period endswhat next? | 2/11/2011 |
| Q: I have a friend that redemption period ends 2-28-11. The mortgage company said that HUD will then ... A: The eviction process varies by state and even county but normally one will have a good 2-4 weeks. ... | |
| Frustrations in HUD process | 2/3/2011 |
| Q: My wife and I put an offer in on a HUD home the weekend after Thanksgiving and we have yet to close. ... A: Unfortunately I don't think you have much recourse against HUD. Yes, it is unfair with them having ... | |
| HUD203k Consultant | 2/2/2011 |
| Q: Mr. Propp: I am doing a 203k loan and the HUD consultant seems over zealous in a few categories ... A: I am not privy to HUD requirements. However, you might ask the consultant to show you the ... | |
| owner occupant reg | 2/1/2011 |
| Q: my husband and I were going to purchase a HUD home in our name while my daughter's family would live ... A: Yes, basically she would be "buying you out" and getting a new loan to cover this. It would be like ... | |
| HUD home inspection turns up major issue | 1/30/2011 |
| Q: I've been under contract on a HUD home for approximately 5 days. During that time I've had various ... A: HUD houses are typically sold "as is". So if you have a true inspection contingency it will depend ... | |
| hud owner occupant | 12/27/2010 |
| Q: I live in NYS and my daughter lives in douglasville Ga. I plan to retire in 2-3 yrs and wanted to ... A: Probably not. HUD is pretty specific about their terminology and you need to have this as your ... | |
| VA repo offer amount w/Vendee Financing | 12/11/2010 |
| Q: I Want to make offer on VA repo, qualified for Vendee financing. I heard that VA will accept (or ... A: Offers are looked at as net offers. Any costs the VA is asked to pay is subtracted from the offer ... | |
| A TEMPORAL PRIMARY RESIDENCE & THE 12 MONTH RULE | 12/10/2010 |
| Q: A temporal primary residence & the 12 month rule My situation involves finding habitation while our ... A: If you are truly going to live in the HUD home as your primary residence for the 12 months, I would ... | |
| HUD Multi unit. | 11/30/2010 |
| Q: I am in the situation of trying to find a place for my sister with health problems (and no money or ... A: While ultimately only HUD can make a decision, I do not believe you would run afoul of them in this ... | |
| How SLOW are they? | 11/15/2010 |
| Q: We made a cash purchase of a HUD mobile home/land approximately 5 weeks ago. How long does it take ... A: This is totally dependent on your area and how caught up the county is. In my area it can be a ... | |
| Buy at sheriff's auction | 11/14/2010 |
| Q: My husband and I had a purchase agreement with a seller. We found out that it was a short sale and ... A: The eviction process really varies from area to area. You need to contact the Sheriff Department ... | |
| HUD deed transfer | 11/9/2010 |
| Q: I bought a HUD house last year with the intention of fixing it up and living in it for years to ... A: This is actually a legal question and as I am not an attorney I can not give you a definitive ... | |
| 12 months occupancy | 10/28/2010 |
| Q: can my mother give me her house she just bought from HUD but there is 12 months occupancy? A: You would want to get a clarification from HUD itself but I would guess that they would want her ... | |
| Renting out FHA loan homes | 10/24/2010 |
| Q: can I rent out an FHA loan purchased home after 1 year of occupancy? Do I have to prove with ... A: Normally something like this is on a case by case basis so you will probably need to run this by ... | |
| hud countylien | 10/24/2010 |
| Q: Have been trying to purchase an affordable HUD house for almost a year now. When i was assumingly ... A: This is somewhat of a legal question and I am not an attorney but let me give you my thoughts. In ... | |
| HUD/FHA home | 10/23/2010 |
| Q: If we had gotten the HUD/FHA loan for 14,999 and have lived int he house since 04, are we allowed to ... A: This is a relatively common question as FHA mortgages are only for owner occupied properties, not ... | |
| FHA multi dwelling | 10/21/2010 |
| Q: Good evening, my question is I am looking to buying a property that has two homes on it. I believe ... A: I believe that this would be a case by case decision. HUD does allow FHA mortgages on duplexes and ... | |
| FHA | 10/21/2010 |
| Q: If an investor buys an FHA, VA, HUD, freddie mac, or fannie mae home with private money, are there ... A: The source of your money is not the concern here. It is the restriction on resale (if any) that ... | |
| regarding my new cleaning out reo properties | 10/19/2010 |
| Q: but i dont know how to go about getting business we both had to leave our jobs but we are so anxious ... A: Sorry for the delay but I was out of town for a few days. Having said that, I have to say that I ... | |
| BNY property | 10/14/2010 |
| Q: I'm interested in buying a property that I believe is owned by the "bank of new york mellon". Can ... A: Banks rarely will sell to an individual directly. They will place the property with an asset ... | |
| HUD home FHA loan with 3% | 10/12/2010 |
| Q: My realtor scewed up and submitted the wrong contrat. I was suppose to do HUD 100 dollar down. ... A: In some states the real estate agent can share with an unlicensed person if he/she is a principal to ... | |
| FHA 203k vs 203b | 10/5/2010 |
| Q: WE recently had an inspection on a HUD home we are trying to buy. it turned out to have plumbing ... A: Sorry but I am not that familiar with the 203B program. What the lender is suggesting regarding the ... | |
| HUD -Repairs-Cash Purchase-Owner Occp | 9/25/2010 |
| Q: We are "under contract" and trying to decide whether or not we want to "walk away" from closing this ... A: HUD does sell thier properties strictly "as is". Having seen many a HUD home in bad condition, I ... | |
| Work/Painting | 9/21/2010 |
| Q: Whom do I contact to give a bid on painting Hud Homes in the Clermont Co.Ohio area? A: Go to the HUD website and see if you can look up the real estate company that reps the foreclosures ... | |
| HUD's 12 months occupancy | 9/16/2010 |
| Q: i buy HUD house with cash, i want to sell it but there is a 12 months occupancy contract which i ... A: If you purchased the property as an owner occupant and then try and flip the property as was your ... | |
| buying an REO | 9/8/2010 |
| Q: My husband and I are wanting to purchase a bank owned home. We were going to put an offer on the ... A: I would be in contact with the new listing agent, either direct or through your agent if you have ... | |
| hud escrow account when paying cash | 9/4/2010 |
| Q: My husband and I are purchasing an investment property through HUD which list a repair escrow ... A: In most cases I have seen, the buyer is responsible for the escrow and simply brings funds to ... | |
| Loan signed with false assumption | 9/3/2010 |
| Q: 2 years ago (2008) I purchased a foreclosed house. The lender was Wells Fargo and in the search ... A: To be honest I have never heard of such a situation. When taxes are escrowed they are based on the ... | |
| job trasnfer on FHA loan | 9/2/2010 |
| Q: I closed a primary residence in FL in june 2010 and have been occupying it for atleast 5 months now ... A: You are worried about owner occupying the property as required by FHA. Not to worry. Continue to ... | |
| HUD HOME | 9/2/2010 |
| Q: I would like to thank you for taking time to read this. First I found a HUD home that I liked very ... A: Today many lenders are instituting a policy of owner occupants first. And HUD is very strict about ... | |
| Insured-Repair Escrow & Homeowner Insurance | 8/30/2010 |
| Q: When buying a HUD home by cash with the insured-repair escrow of 3 items, totaled $500. Is there ... A: Typically when there is a repair escrow the money is held until the work is done. And it is usually ... | |
| foreclosure and 1st mortgage | 7/20/2010 |
| Q: My wife and I are looking to purchase a foreclosure for rental investment. The final judgement on ... A: The Realtor is correct but let me explain why. A property can have more than one lien against it. ... | |
| FHA rules on renting out a house with FHA loan | 6/16/2010 |
| Q: I put in a contract on a short sale home made a fair market value bid for this home. the bank BofA ... A: Assuming that this was an FHA loan that BofA was servicing, you should know that FHA has it's own ... | |
| forclosure repairs | 5/31/2010 |
| Q: Mr.Propp, we are buying a foreclosed Townhouse with an FHA loan. We understand that the house is ... A: I would need more details in order to answer this. What are you paying for the property? What ... | |
| HUD question scenario | 5/4/2010 |
| Q: My wife and I currently have a bid on a HUD home and it is in "pending contract/approval stage" We ... A: Unfortunately it will be difficult to fight HUD. I would stand my ground with them and make sure ... | |
| Newly Purchased HUD Home | 4/28/2010 |
| Q: We just closed on our new house at the beginning of February and have had nothing but problems with ... A: Just because a property is sold "as is" doesn't mean that the owner doesn't have to tell you about ... | |
| HUD Owner Occupancy Requirement | 4/21/2010 |
| Q: Jim, I have been selling HUD foreclosures for 6 years in the Atlanta area. The Owner Occupant ... A: Not Jim (never have been), but yes, I have run into the same problem. And no, we have not found a ... | |
| HUD question scenario | 4/15/2010 |
| Q: My wife and I currently have a bid on a HUD home and it is in "pending contract/approval stage" We ... A: To my understanding, you are buying the house, not your Mother. She will be on loan as a guarantor, ... | |
| Buying a Foreclosure | 3/25/2010 |
| Q: Mr. Propp My husband and I have put an offer on a beautiful foreclosure owned by a bank. When we ... A: In almost all cases once the property is put on the market it is sold "as is". Now, the chances are ... | |
| REO and PPR | 3/17/2010 |
| Q: What is the difference between PPR and REO? A: REO stands for "Real Estate Owned". This is a property that has gone all the way through ... | |
| Sheriff's Sale - Pennsylvania | 3/16/2010 |
| Q: Does Foreclosure/Sheriff's Sale in Pennsylvania by (Reverse) First Mortgage Holder wipe out Second ... A: A common misconception is that a first mortgage foreclosing on a property "wipes out" the ... | |
| what are my options now? | 3/5/2010 |
| Q: So my home was forclose on earlier this year. I had pmi on it. I found out that fanny mae had the ... A: These are good questions and I am glad you asked as it seems you have been given some bad ... | |
| Cleaning Hudd Homes | 2/26/2010 |
| Q: I am starting my own business and I would like to find out who I contact on cleaning out hudd homes, ... A: It is my understanding that HUD homes are handled by an area/regional real estate company. You need ... | |
| REO Property Preservation | 2/23/2010 |
| Q: I want to start a REO Property Preservation business in Washington State. Where can I find ... A: I do not have specific information on each state. However, if you are located in a major city ... | |
| Clean-up foreclosed properties | 2/17/2010 |
| Q: Would you by any chance know what license is needed to get into the business and also what kind of ... A: In my experience most areas do not require a license per sec. However, most lenders would want you ... | |
| deficiency judgment due to foreclosure | 1/29/2010 |
| Q: First of I will apologize for the length. My fiance and I purchased a house in April of 2004 in the ... A: First of all it is fine to have a lengthy post. The more information you give the better the answer ... | |
| Question About Hud Homes | 1/25/2010 |
| Q: I have some questions about buying a hud home. If I purchase using 203B financing with repair ... A: As I understand it, the 203B (b for basic) loan does not norally have a repair escrow. That is what ... | |
| buying a home at sheriff sale | 1/17/2010 |
| Q: We are interested in a house that will be sold at sheriff sale next week. Why do banks buy back the ... A: I would need basic information in order to give more than a general answer. Short sale process can ... | |
| reo questions | 12/11/2009 |
| Q: Iam learning the field and am trying to fill out a questioner. I need to know 3 methods of determing ... A: Most REO teaching sites are going to sell you a course. Feel free to explore that by using google ... | |
| Short Sales | 11/25/2009 |
| Q: I have been reading a lot on short sales. One thing that I have noticed is that lenders are ... A: The short answer would be "yes". You need to be able to do a full closing. And probably hold off ... | |
| Short Sales | 11/24/2009 |
| Q: I have been reading a lot on short sales. One thing that I have noticed is that lenders are ... A: Ah, the joys of shortsales and real estate investing. Know it well :>) What you are seeing is a ... | |
| Renting a house to HUD? | 10/11/2009 |
| Q: My wife and I are considering buying housing to rent to HUD. Hoping to be able to receive some ... A: My specialization is in the foreclosure end of things. I have to beg off when it comes to use after ... | |
| Listing FHA REO properties | 10/6/2009 |
| Q: My partner and I have an FHA number however we do not know were to get on the list for listings. We ... A: FHA is different from most, if not all, REO providers. They almost always have one company that ... | |
| Foreclosure Repairs | 9/29/2009 |
| Q: Mr. Propp we are first time homebuyers who are in the process of buying a bank owned foreclosed home ... A: I will have to give you a more general answer as I do not have all the details regarding the house. ... | |
| FHA & owner occupancy? | 9/25/2009 |
| Q: I am buying a 4 family, while negotiating the contract the vacant units were rented by the seller, ... A: You need to check your state tenant laws but in most areas you as a new owner inherit the leases ... | |
| Becoming a HUD landlord | 9/16/2009 |
| Q: We are thinking of becoming a HUD landlord. I heard that HUD inspects the property before they ... A: I typically do not handle anything to do with rentals. However, there should be information on this ... | |
| home cleanouts | 9/2/2009 |
| Q: I own a hauling company & would like to know how my business can work for hud properties as a ... A: Just so you know I get this question at least once every two weeks. Let me give you some basic ... | |
| Foreclosure clean up | 8/30/2009 |
| Q: We three would like to get into the business of cleaning up forclosure houses in our area ... A: It seems I get this question every other weeks. Here are the two things you can do. 1) Find out ... | |
| 203k Streamline work outside contract | 8/28/2009 |
| Q: I’m completing the repairs for a 203k streamline loan, while working with a contractor on the ... A: Have not run into this situation. I would think that the required repairs are what counts. But it ... | |
| 203b or 203k | 8/25/2009 |
| Q: My wife and I are looking to purchase a home that was about 85% finished before the builder went ... A: Although not a loan officer I am very familiar with the 203K program. From the sound of things, ... | |
| cleaning HUD homes | 8/24/2009 |
| Q: How do I get started in the business of cleaning up HUD housing A: Surprisingly I get this question a couple of times a month. HUD has a local real estate company ... | |
| FHA 203b with repair escrow | 8/19/2009 |
| Q: we are in the process of purchasing a HUD home with a FHA 203B with repair escrow. How does the ... A: It is my understanding that if the appraisal says it needs a new furnace, that is a requirement of ... | |
| FHA 203b with repair escrow | 8/18/2009 |
| Q: we are in the process of purchasing a HUD home with a FHA 203B with repair escrow. How does the ... A: First of all, congratulations on your purchase. The FHA 203K program is an excellent way to fund a ... | |
| Firt time to buy HUD property | 8/16/2009 |
| Q: I want to bid a HUD property in California through www.hud.gov. My question is that do I need to ... A: All offers must be made through a broker that has been certified by HUD. There are no direct ... | |
| John Beck | 8/16/2009 |
| Q: Do you know if John Beck's buy a home for $300 is legit? A: The old saying is "if it looks too good to be true, it probably is..." Have watched the infomercial ... | |
| 203 b and VA foreclosures | 8/14/2009 |
| Q: I'm trying to buy a bank owned VA foreclosure. The home needs some small repairs like water heater ... A: I have had the same information given to me. The 203K streamline program allows up to $35,000 in ... | |
| Re-selling HUD home | 8/13/2009 |
| Q: I recently purchased a HUD home in Ohio. If I paid in full with cash at closing and I signed the ... A: I talked to our local HUD office and while I didn't get a firm answer, the thought was that you ... | |
| cleaning HUD foreclosed homes | 8/12/2009 |
| Q: Who do I contact if I would like to begin cleaning HUD foreclosed homes? A: For some reason I get this question 2-3 times a month :>) HUD is a govermental agency and already ... | |
| buying HUD home/203k or other loan? | 8/7/2009 |
| Q: My question has 3 parts 1. I separated from my husband in Dec. 2008 and the divorce will be final ... A: This is a very long and detailed question so forgive me if I miss something. Feel free to do a ... | |
| HUD homes and inspection/repairs. | 8/6/2009 |
| Q: .. I'm a first time home buyer working with the city of Alexandria VA first time home buyer ... A: First of all, I am not sure if HUD auctions can vary from place to place so I have to answer with ... | |
| Insured Escrow Repairs | 8/4/2009 |
| Q: 1. Since the insured escrow repair cost are $2530. Is is correct to assume that the buyer has to ... A: I am not sure what you are asking. It is as if I am coming in the middle of the question. Waht ... | |
| REO equity exchanges | 7/22/2009 |
| Q: I currently have an estate listed by realtor in MLS for $1,000,000. It has been approx. 3 months and ... A: I understand your frustration at being ignored. As a long time REO listing agent myself I can tell ... | |
| Short sale vs. Foreclosure - which is better? | 6/29/2009 |
| Q: My 83 year old mother works full-time still, but is having health issues and will not be able to ... A: A short sale would be better in my opinion. Tax consequences for a foreclosures could actually be ... | |
| previous owner HUD lien | 6/16/2009 |
| Q: I got a letter in the mail that states that the previous owner of our home MAY have a HUD lien on ... A: In most areas of the country you should be able to go to the recorder's office and check for any ... | |
| VA Homes | 6/11/2009 |
| Q: I read your answer to "inconsistencies with VA sale" and it didn't quite satisfy my individual ... A: I understand your frustration. Right now this is happening with most of the bank home out there. ... | |
| VA Homes | 6/10/2009 |
| Q: I read your answer to "inconsistencies with VA sale" and it didn't quite satisfy my individual ... A: Understand that I am not an attorney, but let me give you my perceptions. First of all, VA sales ... | |
| sheriff sale auction | 5/20/2009 |
| Q: I'm interested in buying a property that is going to be auctioned at a sheriff sale. The county ... A: Understand that the property is still the borrower's up to the second it is auctioned off. So no ... | |
| sheriff sale auction | 5/18/2009 |
| Q: I'm interested in buying a property that is going to be auctioned at a sheriff sale. The county ... A: In my area where we have similar rules, the potential buyer has a certified check made out to ... | |
| incoinsistencies with Va Sale | 5/13/2009 |
| Q: I read you earlier answers that the VA properties sales are very straightforward. I recently put in ... A: It sounds like you have had bad experience all the way around on these. As an REO listing agent ... | |
| HUD SHORT SALE | 5/8/2009 |
| Q: 1 HUD REQUIRES AN OFFER ON A SHORT SALE TODE WHAT PERCENTAGE OF THE APPRAISAL A: They don't make that public knowledge. However, we have a handle on averages needed for ... | |
| foreclosure time sensitive | 5/5/2009 |
| Q: Where to start? My boyfriend has/had a Fannie Mae loan. His work situation caused him to fall ... A: First of all, let me say I really hate to see situations like this. It sounds like the ball got ... | |
| owner occupant | 4/22/2009 |
| Q: I have a young kid who is intrested in purchasing a HUD home. Is there a penalty if you decide to ... A: So you seem to be saying that this property will be a cash purchase. But because preference is ... | |
| roe -v- ppr | 4/18/2009 |
| Q: What is the difference between an REO and a PPR work order A: REO refers to Real Estate Owned or a foreclosed, now bank owned property. PPR normally stands for ... | |
| Va Loan and a 203 k loam | 4/16/2009 |
| Q: Are these two loans one in the same. I'm prequalified for a VA home loan. The property I'm ... A: No, these two are not the same. Your VA loan is a government guaranteed loan whose major advantage ... | |
| FHA | 4/10/2009 |
| Q: I am buying a condo with an FHA loan. Closing is the 27th. Since this contract has been ratified ... A: I would check with my loan officer right away. FHA loans are for owner occupants only. If you do a ... | |
| Don't qualify for a short sale and don't want the house | 4/9/2009 |
| Q: I'm in a bit of a different situation. I am in California and our townhouse is completely ... A: My first thought would be if you are barely affording the payments now, it seems somewhat odd that ... | |
| REO and PPR | 4/5/2009 |
| Q: I am trying to get work cleaning up foreclosed properties. In almost every vendor application, ... A: I have been in the bank owned sales arena for some 18 years and while I know what REO (real estate ... | |
| FHA loan | 3/27/2009 |
| Q: My husband and I own two homes. The first one we received an FHA loan with conditions, recapture ... A: FHA does have an owner occupant requirement. This is because FHA does not make loans to ... | |
| California Foreclosure vs. Short Sale | 3/17/2009 |
| Q: Long story short; I feel that I am a victim of greedy real estate agent and title company. I have ... A: A short sale is a somewhat complicated process, but not necessarily a difficult one. For someone ... | |
| Foreclosure Home Cleaning | 3/16/2009 |
| Q: How and where can I promote my business in cleaning foreclosure home ? A: I think I get this question a couple of times a month. Understand that many of the foreclosed ... | |
| California Foreclosure vs. Short Sale | 3/14/2009 |
| Q: Long story short; I feel that I am a victim of greedy real estate agent and title company. I have ... A: First of all, I am sorry to see this kind of situation. I would take the alternative of doing a ... | |
| Foreclosure | 2/23/2009 |
| Q: Is there any help for a home in the redemption period A: It would help if I knew what state the property is located in and the timeframe that you have left. ... | |
| buying a sec. 8 property | 2/18/2009 |
| Q: A customer of mine wants to retire and wants to sell me one or several of his homes all currently ... A: Boy, this is a tough one with today's credit market. And I hear you. As a real estate agent I am ... | |
| Question Listing HUD Homes | 2/9/2009 |
| Q: I am a Realtor in GA. I would like to list HUD homes my broker has setup office, but I have yet to ... A: HUD homes are typically assigned to just one broker per area. Being a "HUD Broker" usually refers ... | |
| REO and PPR | 2/3/2009 |
| Q: What do these stand for and what is the difference? A: Chris, I will be honest and have to say I do not know what the latter (PPR) stands for. I am not ... | |
| who to contact to clean foreclosed homes | 1/22/2009 |
| Q: i just started a foreclosure clean up business. can u point me in the right direction of department ... A: Most lenders do not directly handle their bank owned properties. They turn them over to Asset ... | |
| redemption period | 1/19/2009 |
| Q: We have a non HUD loan and are in our 6 month redemption period. There is someone who wants to buy ... A: Since there are only a few states with a 6 month redemption I am going to guess you are possibly in ... | |
| Quick Question | 1/16/2009 |
| Q: I am on a loan with my 86 year-old father. Sadly, my father has cancer and probably not much time to ... A: I am not an attorney so this is not legal advice. But having worked with mortgages and real estate ... | |
| forclosure cleanup business | 1/15/2009 |
| Q: In California do I need some kind of insurance for my foreclosure cleanup business,If I am the only ... A: HUD properties are listed and handled by specific real estate companies. Typically one per area ... | |
| Forclosure | 1/6/2009 |
| Q: I had a home in peekskill neww york. My husband and I started having trouble at the end of 2005. I ... A: Some of this does seem a kind of odd. Some basics. If the house has gone through foreclosure and ... | |
| Bidding timeline | 1/4/2009 |
| Q: How long after a bid is submitted for a HUD property does it take to get an answer? Thank you. A: While there can be some regional differences the typical timeline is that a property is made ... | |
| repaying back txes to get back in home | 1/1/2009 |
| Q: someone paid the back taxes that we were told that we didn't owe,being disabled-they want 16,000 to ... A: This is actually moving into the legal end of things and I am not an attorney nor can give anything ... | |
| Processing Escrow for Bank Owned Properties | 12/11/2008 |
| Q: The company I work for is an independent escrow company. We would like to know how we can get the ... A: Interestly enough I worked closely with a title company during the last refi bonanza. I would come ... | |
| Quota's for FHA/Hud Rentals | 11/24/2008 |
| Q: I am trying to purchase a town home for investment. The townhouse association has a cap on the ... A: In my experience I seem to remember that the owner occupied percentage must be 70% or higher or the ... | |
| Repair of Foreclosed Homes | 11/19/2008 |
| Q: I work for a company that does remodel construction. I am interested in doing repair work on houses ... A: Unfortunately there is no list that I have found. Most banks now have asset management companies ... | |
| FHA Shortsale | 11/14/2008 |
| Q: I am a realtor, I have done shortsales on either side however, I am coming across my first potential ... A: OK, actually made me do some homework on this one. Yes, HUD is a bit of a different animal when it ... | |
| Foreclosure clean up | 11/13/2008 |
| Q: I am in the process of putting estimates together for the clean and maintaince of REO homes. The ... A: In most areas of the country that I am familiar with, HUD properties are handled by one real estate ... | |
| HI | 11/6/2008 |
| Q: I just bought a HUD home few months ago and my wife lose her job can I put the HUD home for rent and ... A: You are probably talking about the fact that you took out the loan as an owner applicant. And now ... | |
| Foreclosure | 10/27/2008 |
| Q: I live in Oklahoma. I have my home loan thru USDA Rural Development. They have recently raised my ... A: Deficiency Judgements are largely governed by state foreclosure statutes. Oklahoma does allow them. ... | |
| cleaning foreclose homes | 10/20/2008 |
| Q: I am interested in cleaning foreclose homes , who do I contact or where do I look for this homes I ... A: No one has direct information on each area of the country so you will need to do some homework to ... | |
| BEING THROWN OUT OF HOME | 10/12/2008 |
| Q: Me and my foster daughter and our 7 dogs and 3 horses are being asked to literally get out of our ... A: Unfortunately I can not directly help as you are not in my immediate geographical area. However, ... | |
| cleaning foreclosed homes | 10/6/2008 |
| Q: Can anyone tell me what the going rate is in Indiana to bid on cleaning foreclosed homes. Is there a ... A: There is no "going rate". Each house is done on an individual basic. Many companies have an ... | |
| Cleaning Foreclosed houses | 9/27/2008 |
| Q: I was curious as to how people get into cleaning foreclosed houses and who pays you to do so? My ... A: There are two basic ways to get into this. And both are going to require some time and effort on ... | |
| rate for cleaning foreclosed homes | 8/23/2008 |
| Q: I just started cleaning foreclosed homes and I wanted to know what the going rate is for this and ... A: The amount is typically dictated by the asset management company/bank owner. What I have seen is ... | |
| REO and HUD Investing | 8/22/2008 |
| Q: I'm a 30 yr old female, living in NYC who is interested in investing in REO or HUD properties. I am ... A: In starting out I really don't recommend that you go outside your area. Otherwise you are totally ... | |
| equitable right of redemption | 8/17/2008 |
| Q: i heard that NY State law changed to allow the redemption period to extend beyond the date of the ... A: First of all, I am not an attorney and second, I am not from the East Coast, so after some basic ... | |
| Purchase a home | 7/23/2008 |
| Q: I'm currently looking to buy a home in Stephens county ga. I've seen on TV the tax lien sales and ... A: Chris, When I teach my consumer classes on buying foreclosures this is a regular question. I tease ... | |
| 2 FHA loan - short sale | 7/16/2008 |
| Q: i am a realtor. Here is my client's situation. he has 2 fha loans under his name only. Divorce ... A: To be honest I am not sure that this is true. Can't say I have seen any situations where someone ... | |
| Foreclosures - good deals now? | 7/14/2008 |
| Q: I am a fellow expert (Home Improvement, Water Quality, New Mexico). I am thinking about the ... A: Having worked with lots of attorneys you will find that I have picked up their favorite phrase. "It ... | |
| Winning HUD bid | 7/12/2008 |
| Q: I just recently bid on a HUD home and I am the winning bidder, I was told by my real estate agent ... A: Christopher, In 19 years of dealing with bank owned housing and plenty of HUD I have never known of ... | |
| foreclosure | 6/21/2008 |
| Q: My lender said if i dont have my payments current by june 30th they are going to start the ... A: You need to contact one of the many Florida state and local agencies that are assisting people in ... | |
| How long does it take to get HUD documents to the bank? | 6/4/2008 |
| Q: my fiance & I have been approved through our bank for a loan for a house. The house is owned by a ... A: I am assuming this is a HUD foreclosure. It isn't uncommon as of late that a title issue crops up ... | |
| foreclosure | 5/23/2008 |
| Q: well i want to start with buying one foreclosure home and try to fix it up and sell it for a little ... A: Buying a bank owned house is much the same as buying any house. Just that your seller is a ... | |
| NY hud higher bid offer | 5/20/2008 |
| Q: we bid on a house and they have accepted a lower offer from someone else.All our paperwork with ... A: Michelle, My experience with HUD has been that they accept the highest net offer. So a question ... | |
| Bidding on a VA Foreclosure | 5/3/2008 |
| Q: We have been bidding on this VA foreclosure for over a week. We're are putting our third bid ... A: VA is somewhat different to work with in that they look at the "list price" as more of an opening ... | |
| bidding on a hud home | 4/26/2008 |
| Q: I have found a HUD home to bid on but of course I can't bid on it since I'm not a HUD broker. How ... A: Rachel, All offers on HUD homes are to be submitted through HUD approved real estate companies. ... | |
| Sherriff's Sale - PA (Westmoreland Co.) | 4/15/2008 |
| Q: I am interested in purchasing a townhouse I saw in the paper that it to be sold at a Sheriff's sale. ... A: Actually this is fairly common. With the low interest rates of a few years ago many people ... | |
| Sherriff's Sale - PA (Westmoreland Co.) | 4/15/2008 |
| Q: I am interested in purchasing a townhouse I saw in the paper that it to be sold at a Sheriff's sale. ... A: The Sheriff Sale is a public auction and one of the last phases of the foreclosure process. The ... | |
| Foclosed Home Security | 4/8/2008 |
| Q: I am the owner of a small security company in Minnesota. There have been some great advances in ... A: Sorry for the delay. Was out of town for a couple of days that expanded into a little longer than ... | |
| good neighbor next door program | 3/31/2008 |
| Q: I am a full time teacher in Maryland and was interested in the Good Neighbor Next Door Program. This ... A: Not an expert on this program but am somewhat familiar with it. Propgrams for both teachers and law ... | |
| Sheriff sale | 3/21/2008 |
| Q: I love this house and I tried to buy it from the owner but he couldn't get a clear title since he ... A: Unfortunately I am not familiar with New Jersey tax liens. I do know that the IRS does have a ... | |
| Assistant Living Property | 3/16/2008 |
| Q: What do I have to do to convert a residential property to an assistant living home. I heard about ... A: This is usually under the supervision of city, county or state. I would call the city first and ask ... | |
| Foreclosure and LLC | 3/5/2008 |
| Q: I have an investment property that I purchased in my name with 5% down. Now the property is vacant ... A: Mark, I am not an attorney and this is a legal question. You really need to talk with an attorney ... | |
| Flipping a HUD home | 3/4/2008 |
| Q: Steele, My husband and I bought a bank-owned HUD home almost 2 yrs ago (in May '06). We both work ... A: Unfortunately I have gotten mixed answers on this. If it was your original intention to live in ... | |
| clean-up | 2/23/2008 |
| Q: We would like to start a business cleaning up, painting and repairng foreclosed houses. Not ... A: He's lucky to have a Mom like you willing to help. One other thought. He might want to contact the ... | |
| clean-up | 2/23/2008 |
| Q: We would like to start a business cleaning up, painting and repairng foreclosed houses. Not ... A: Jo, For the most part banks do not handle their own foreclosure properties anymore. They have what ... | |
| I have too much wrong information re:HUD | 2/21/2008 |
| Q: After an unbelievable year, truly, I thought CDA, SLEP, My Mortgage, or purchasing foreclosure might ... A: Unfortunately I am more in the real estate field as opposed to the financing end of things. ... | |
| VA buy | 2/14/2008 |
| Q: I am interested in buying an apartment in TX or Florida to rent out. I want something cheap, i just ... A: Billy, What you need to do is to determine just where you stand in eligiblity for a VA mortgage. ... | |
| Foreclosure and PMI | 2/6/2008 |
| Q: I live in the state of Florida, and might have to go foreclosure in 5 properties located at the same ... A: PMI is ultimately for the benefit of the lender. It really isn't insurance for you. And the ... | |
| like to clean forclosure properties | 1/30/2008 |
| Q: My name is Keith Jackson I own R&M repo cleaning service,I would like to get information on bidding ... A: I am not anywhere near your area but as this is basically the same all over let me make the ... | |
| VA property | 1/22/2008 |
| Q: I live in Atlanta and I put a bid on a VA owned house 1/2/08 (agent said he had NO idea when we ... A: Elaine, Although this is frustrating it is fairly common. Foreclosure sales whether VA or bank ... | |
| VA Foreclosure | 1/18/2008 |
| Q: I'm interested in buying a home that is a VA Foreclosure. I was excited about putting an offer in ... A: A good place to go for information is the Ocwen Internet site. Then click on the properties for ... | |
| a friend's house in foreclosure | 1/16/2008 |
| Q: Some friends of ours have let their father's home go into foreclosure (he is out of the house and in ... A: Martha, May need to answer this in parts as foreclosure can be state specific. That you are ... | |
| renting out my FHA loan..... | 1/16/2008 |
| Q: I bought my first home under FHA program in November 2005 (15 months ago). Since I have gotten ... A: Although rentals are not my main area I believe that you are fine in renting your home. It is your ... | |
| foreclosure rights | 1/14/2008 |
| Q: can they take our state and federal tax return im in arizona we did try to sell the home but our ... A: What I think you are asking about is a deficiency judgement. When there is not enough proceeds from ... | |
| fha loan question | 10/14/2007 |
| Q: My question is, if it is possible to obtain an FHA loan to purchase a home at a sheriff sale? Or are ... A: My understanding is that Ohio does not have a redemption period so the winning bidder will get the ... | |
| fha loan question | 10/14/2007 |
| Q: My question is, if it is possible to obtain an FHA loan to purchase a home at a sheriff sale? Or are ... A: Mike, It would really depend on what area you are located in and the timeframe you have to secure ... | |
| foreclosure | 10/13/2007 |
| Q: i want to buy a foreclosed home with no money down and pay no closing cost i am approved for 100,000 A: You will need to have a no downpayment mortgage and the seller pay your closing costs. While the ... | |
| Cleaning HUD and VA homes for sale in Jackson, TN | 9/28/2007 |
| Q: I'd like to get contacts for cleaning HUD and VA foreclosed or properties for sale in Jackson, TN. ... A: HUD has a real estate company that handles of their properties for a particular area. You would ... | |
| section 8 rental | 9/22/2007 |
| Q: I live in Louisiana and participate in the section 8 program. The owner of the property is trying to ... A: My expertise is in buying and selling as opposed to renting. However, my take on your situation is ... | |
| purchasing a HUD house | 9/13/2007 |
| Q: Hey, I am interested in purchasing a HUD house and I would like to know where I could get all of the ... A: I am not sure if I understand you correctly. The HUD website is the best place to see all the HUD ... | |
| Renting out a home. | 9/11/2007 |
| Q: My mother owns her 30 year old manufactured home, but she wishes to move with my husband and I to ... A: Sorry for delay, have been out of town teaching. I am not sure if there is a HUD classification for ... | |
| Renting out a home. | 9/10/2007 |
| Q: My mother owns her 30 year old manufactured home, but she wishes to move with my husband and I to ... A: Not sure if I understand the question. Are you saying that the property was purchased with an FHA ... | |
| FHA rental? | 9/7/2007 |
| Q: I am sort of piggy backing off of a question that you answered a while ago. I have had my house for ... A: That makes sense. These special programs do have such limitations. You probably won't be able to ... | |
| FHA rental? | 9/7/2007 |
| Q: I am sort of piggy backing off of a question that you answered a while ago. I have had my house for ... A: To be honest, this goes against anything I have ever read. To my knowledge in a case like this you ... | |
| single working mother of 2 with poor credit, | 9/5/2007 |
| Q: Is it possible to purchase a home if I am employed,have 2 children,poor credit and no down payment? ... A: Lender look at all three of these items in deciding to make a loan (job, credit and downpayment). ... | |
| REO properties | 9/4/2007 |
| Q: I was wondering if there is any way I can qualify for a home loan. I am a teacher, 24 years old, in ... A: Lenders are getting very picky about buyers so you would need to have a new loan (a least a ... | |
| foreclosure house to buy? | 8/31/2007 |
| Q: My husband and I went to see a foreclosure house today. It's a split level house. The second floor ... A: There is no "formula" on how to negotiate on a foreclosure. This is a late night TV myth. Instead ... | |
| The process of buying a VA home | 8/15/2007 |
| Q: My husband and I made an offer on a VA homes 4 days ago. We have not heard back on our offer. the ... A: Leslie, Until an offer is accepted both VA and FHA reserve the right to look at all offers. So I ... | |
| Poor credit, but have down payment | 8/13/2007 |
| Q: I have poor credit, but will have a down payment betweeen $20,000 and $30,000 dollars after the sale ... A: Giving credit is all about risk and reward. The question is whether a lender would consider your ... | |
| Making an offer on a VA Foreclosure property | 8/3/2007 |
| Q: My husband and I put in a contract and our offer 2 days ago to purchase a VA Foreclosure. We will ... A: In most cases foreclosed properties will take anywhere from 2-5 days for a reply. If the offer was ... | |
| hud history | 8/2/2007 |
| Q: Is there an easy way to learn the history of a hud home for sale? I am considering one in upper ... A: Easy may not be the word to use but you should be able to gather some basic information. First of ... | |
| real estate | 7/30/2007 |
| Q: I want to start business in buying and selling real estate, but I almost don't know nothing about ... A: To be brutally honest with you, no course is worth $4,500 in my mind. But I have seen dozens and ... | |
| real estate | 7/29/2007 |
| Q: I want to start business in buying and selling real estate, but I almost don't know nothing about ... A: Best place to start is basic education. Not those late nite TV courses or most of the stuff on the ... | |
| hud rental | 7/25/2007 |
| Q: I am currently renting a condo in san diego ca that is being foreclosed on by hud lender .do i ... A: Unfortunately your lease is with the current owner. If foreclosed upon HUD will be the new owner ... | |
| Home loan on sheriff sale property | 7/21/2007 |
| Q: My husband and I found our dream home, it is up for sheriff sale and we were approved for a loan ... A: Understand your frustration. The problem is that most conventional loans require that the house be ... | |
| Buying/Reselling | 7/18/2007 |
| Q: My brother-in-law and I are considering a small business venture, buying fixer uppers and/or ... A: When teaching classes on buying foreclosures this is the one area that intrigues people the most. ... | |
| Buying REO's | 6/21/2007 |
| Q: I am looking to buy some Reo properties. Some of these properties I would keep and fix myself and ... A: It is similar to a double closing, but you actually buy the property, close and then immediately ... | |
| Buying REO's | 6/21/2007 |
| Q: I am looking to buy some Reo properties. Some of these properties I would keep and fix myself and ... A: Let me tell you exactly what they think about this. Fraud. You offer to buy it, no matter what or ... | |
| sheriff sale homes | 6/15/2007 |
| Q: I am looking to buy a sheriff sale home. I have found one and the auction date is fast approaching. ... A: This is a tough situation as timing is so crucial. You might be able to get the Sheriff Sale ... | |
| Cleaning property owned by hud | 6/12/2007 |
| Q: i would like to clean property owned by hud in illinois, a.v.a is the name of our company we are a ... A: Most HUD properties are handled by asset management brokerages. These are real estate companies ... | |
| FHA-Penalty for early sale | 6/12/2007 |
| Q: I bought a house in 2001 on a FHA loan. Is it true that you have to own the house for 9 years before ... A: Can't say I have heard of such a penalty. Since the average time a person stays in a house is 5-7 ... | |
| Foreclosures | 6/5/2007 |
| Q: What are good ways to buy a foreclosure with minimal money out of pocket. I always see that chfa etc ... A: Any area can be good or bad. I would look at the overall economic picture and determine if this ... | |
| Can I use Down Payment Assistance? | 5/29/2007 |
| Q: Can a buyer use Down Payment Assistance or Nehemiah type funds for FHA financing on a HUD ... A: HUD foreclosures are sold on an auction basis and do not allow for downpayment assistance. It is ... | |
| Brokers selling HUD foreclosures | 5/29/2007 |
| Q: Is it true that real estate brokers see and pick over the better new foreclosure listings before ... A: No, it is not true. In fact, the brokers who are assigned to market these properties (myself ... | |
| Need some advice | 5/13/2007 |
| Q: I am a 24 year old who is thinking about buying a HUD home as an investment porperty. How do I go ... A: There is a lot of hype out there so you do need to use your own good intuition meter. If something ... | |
| disabled mom wants to purchase a hud home confused? | 5/12/2007 |
| Q: I, AM A SINGLE, DISABLED MOTHER OF TWO DISABLED DAUGHTERS. MY HUSBAND BEAT ME AND HE IS NOW AN X ... A: In order to buy, one needs some kind of financing. First I would check to see if there is any ... | |
| What does PMI cover? | 5/10/2007 |
| Q: We have been paricipating in auctions and have been unsuccessful bidders to the banks. I understand ... A: Not really an expert in this area, Brigitte. My experience has been that while a foreclosing lender ... | |
| Renting out foreclosed property | 5/9/2007 |
| Q: I am a recent college graduate and I am thinking about buying and renting out HUD homes in the ... A: HUD housing is foreclosed houses that had FHA mortgages that defaulted (didn't get paid). I would ... | |
| Foreclosure HuD ? | 5/7/2007 |
| Q: Is The price that the property is listed for have to be paid in full at the time of the auction? ... A: With foreclosures it largely depends on the area and type of auction. Typically highest bid wins so ... | |
| foreclosures | 5/2/2007 |
| Q: I am looking at breaking into the market of foreclosures and getting started into some real estate ... A: I haven't taken any Russ Whitney courses or seen any materials he had put out. But the reason is ... | |
| Renting out a FHA home | 4/29/2007 |
| Q: I bought my house on an FHA loan 3 years ago. Because of an unexpected set of circumstances I can ... A: As long as you are making the payments and the house remains yours, of course you can rent it out. ... | |
| real estate foreclosure training | 4/15/2007 |
| Q: What is the best way to go about learning about buying and selling foreclosure properties? Are you ... A: You will probably not like my answer. In my professional opinion most gurus out there teaching the ... | |
| buying a home | 4/12/2007 |
| Q: I am a single mom of three. I am still technically married, but have no dealings with my soon to be ... A: There is often some confusion on buying HUD homes and getting an FHA mortgage. HUD homes are the ... | |
| buying a home | 4/12/2007 |
| Q: I want to buy a hud home. I want to stay in the same school district, i am a single mom. Fairly ... A: Visit the official HUD homes site: http://www.hud.gov/homes/index.cfm Click on your state and then ... | |
| Scammed by HUD | 3/22/2007 |
| Q: My family and I bought a HUD house in Euless, TX as an investment property in Jan 07. We were going ... A: This is a tough one. Understand that HUD is a huge organization. I seriously doubt they ... | |
| selling a low income home | 3/21/2007 |
| Q: My friend bought a house 2 years ago, under a low income program and is now interested in selling ... A: Your friend needs to go back to her closing documents from when she purchased the property. Her ... | |
| sherriff sale | 2/26/2007 |
| Q: Steele, If by chance the sheriff sale thing doesn't work out... we were thinking of looking ... A: I would call the various real estate companies in the area and ask the manager if they had anyone ... | |
| HUD/VA/FORECLOSURE | 2/25/2007 |
| Q: I am looking to network in NYC. I really like to learn the process. I am a current builder and real ... A: I think we are going to need to narrow things a bit :>) Could you tell me just what you are ... | |
| sherriff sale | 2/23/2007 |
| Q: Well.... my next question to you is... if you go through a lawyer or title companies do they ... A: Attorneys don't guarantee their work as such. It is presumed that they are competent to do a ... | |
| sherriff sale | 2/22/2007 |
| Q: I called a company who said they do the search for $170-200 is this a good fee or should I keep ... A: From my own experience $200 and under is an excellent price. I typically pay right around $200. ... | |
| sherriff sale | 2/22/2007 |
| Q: Steele, Thank you for your help I am from PA. I have information from the sheriff's website. ... A: Ashley, PA had no redemption period so my understanding is that the winner of the sale will get the ... | |
| sherriff sale | 2/22/2007 |
| Q: Another question I have is when my husband was at the courthouse he found out that there is a ... A: Ok, this is a classic case of terms I am not familiar with. The lender doing the foreclosure will ... | |
| Sherriff's Sale | 2/22/2007 |
| Q: Steele, My husband and I are looking into buying a property from Sherriff Sale, I have been ... A: Understand that different states can vary on how Sheriff Sales are handled. Since I don't know ... | |
| foreclosures | 2/21/2007 |
| Q: i am looking to find foreclosed property in Vero Beach FLorida. all of the sites i find charge for ... A: Christy, There are a ton of sites out there. I don't know of any specifically for your area that ... | |
| foreclosures | 2/19/2007 |
| Q: My son is currently looking to buy a home in Ventura California, how can we find a foreclosure or a ... A: As you are finding there are a lot of companies out there selling information on foreclosures. And ... | |
| gov. building location | 1/30/2007 |
| Q: propp i am trying to locate which government building to contact about a certain property,see i have ... A: Thought I had answered this a couple of days ago but it seems it did not go through. So I apologize ... | |
| terminal father and mother both disabled and 12yr old sis need fha loan approval fast!! | 1/27/2007 |
| Q: because of their situation she cannot leave him alone to search and he is unable to get out other ... A: Had answered this right away but it seems that it did not get through. Sorry for the delay. Any ... | |
| terminal father and mother both disabled and 12yr old sis need fha loan approval fast!! | 1/27/2007 |
| Q: my step father is a hospice patient who requires wheelchair access and my mother is disabled as well ... A: This is a hard situation. What they are going to need to do right away is to see if they qualify ... | |
| HUD?? | 1/21/2007 |
| Q: My husband and I are currently looking to buy our first home in Sacramento, ca. I hear a lot about ... A: HUD homes are properties that have been foreclosed on that had FHA loans. They are sold typically ... | |
| buying a home | 1/9/2007 |
| Q: i would like to purchase a home and already have a home picked out. can any home be a hud home? ... A: A HUD property is a property that has been foreclosed on and had an FHA mortgage/loan on it. In ... | |
| Buying a Hud Home | 1/9/2007 |
| Q: Is there any way to purchase a HUD home with out being in the program? A: I am not sure if I understand what you are asking. HUD properties are available to any legit buyer ... | |
| forclosers purchase | 12/30/2006 |
| Q: Where do I find listings for foreclosures? Also would I be able to purchase a home under forclosure ... A: There are a number of national services that post foreclosures. Most are only so-so in accuracy. ... | |
| Investment properties | 12/12/2006 |
| Q: I was looking into investing in Hud foreclose properties. But I want to know will that effect me ... A: I am not sure if I fully understand your question. What I am understanding is that you are ... | |
| sherriff sale | 12/5/2006 |
| Q: iam from pa thanks dave A: Dave, First, my name is Steele, not Steve. But that is a common mistake as I have an uncommon ... | |
| FHA loan and short sale | 12/2/2006 |
| Q: I said short sale, but I actually meant quick claim and thanks for the information.If I am a first ... A: Sorry if I sound a bit confused but I am, confused that is :>) Perhaps you can give me the scenario ... | |
| FHA loan and short sale | 12/1/2006 |
| Q: If I am a first time buyer and qualify for an FHA loan, how long must i have the property before I ... A: The typical loan, FHA or conventional, does not have a prepayment penalty. So in most ... | |
| Foreclosure | 11/30/2006 |
| Q: we are sure that no one will buy this property at the auction it is only worth about 1/2 of what ... A: If no one else bids than the bank will get the property. And they will get it in it's current ... | |
| buying a home? | 11/25/2006 |
| Q: My wife and I moved back in with my parents to save money as we were expecting our first child. Now ... A: Paul, There are a number of factors that come into play in trying to answer this question. And ... | |
| Foreclosure | 11/21/2006 |
| Q: We just received a sheriff sale date for Mid January, I am sure the house wont sell, how long do we ... A: I am going to presume that you also wrote the message that you are in Wisconsin. With that in mind, ... | |
| FHA loan | 11/20/2006 |
| Q: If I am buying a home w/ an FHA loan, can I let the seller live there an extra 10-15 days after ... A: As there are those that might think your question is a legal one, let me state for the record that I ... | |
| Want to bid a HUD home | 11/15/2006 |
| Q: I am interested in purchasing a HUD hom in New Braunfels Texas and would like to know how much money ... A: HUD has a specific sales contract that states that on offers $50,000 or less the earnest money ... | |
| low income home buying | 11/13/2006 |
| Q: I am interested in buying a home for myself and a sickly parent. I make about 25K/year.I went to see ... A: It sounds like the housing counselor did qualify you based on your income, monthly debt, and credit ... | |
| Lowest Bid acceptable | 11/11/2006 |
| Q: There is a house I am interested in but the "fair value" of the house is not accurate. The current ... A: Ben, You are talking about a property on HUD's "extended list". These are properties that for ... | |
| foreclosure | 11/7/2006 |
| Q: My question is how do you find them. Can you get info about foreclosures from a bank? A: This can be an entire book in itself so let me give you the Reader's Digest Condensed version :>) ... | |
| wana buy a home | 11/4/2006 |
| Q: iam on disability and recieve 603 a month my question is i have bad credit but a monthly income ... A: To be totally honest, it will be tough. You may want to check to see if there are any "affordable ... | |
| Trying to Buy | 11/3/2006 |
| Q: I am a only parent trying to do the best for my kids. I also feel as if I cannot get anywhere with ... A: In many areas of the United States there are state and county programs for affordable housing. In ... | |
Steele V. Propp
Top Expert on this page
Expertise
I can answer most foreclosure related questions. Buying, selling, the process of foreclosure, Loss Mitigation, Short Sales, etc. Both for HUD and VA homes as well as conventional foreclosures. I work 100% in the Foreclosure arena, dividing my time equally between consumers going through foreclosure, people interested in buying foreclosures (investors and those looking for a home of their own for lesser cost), and with the lenders doing foreclosures. This unique three prong approach allows me to see all three sides of the typical foreclosure scenario. Our goal is to offer advice and create a win-win-win situation.
Experience
19 years of bank owned housing experience.
Publications
Money Magazine, Real Estate Today and many newpapers, regional and national.
Education/Credentials
Foreclosure Specialist
Past/Present Clients
GMAC Mortgage, Horizon Management, and 43 other lenders involved in the foreclosure process.
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