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Posted by TMH on August 26th, 2002 02:20 AM
In reply to thanks by Edmia on August 23rd, 2002 12:27 PM [Go to top of thread]

For a house to get to HUD, it was repo'd,
sold at auction on the court house steps,
the bank bought it at the auction and turned it
over to HUD to collect the amount they were owed.
All of the process really doesn't matter, your concern
should be do you get clear title. At auction you
don't.The closest you can get is to do a title search
prior to the auction($250). If their are other
liens, or a second mortgage for example, you could
be liable for it down the road. All I'm saying is
be careful.

Investors cannot have an inside on HUD. They follow
a process, the first 5 days is for owner occupant
bids only. After that it bids daily for anyone.
If they are selling before you know about them, it's
because of your realtor. It's best to watch the HUD
web site for yourself.

Good deals do go fast, you have to stay on focused
to get them.
Most great deals seem to come through word of mouth or
a small sign in a window.

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