HUD Property

We looked at the HUD property last night and it seems to be in pretty good shape. Nothing needs to be done to the kitchen/bath/bedrooms except paint, maybe new linoleum in the kitchen. Also, the kitchen does not have appliances. The living room (an add on) needs new sub-flooring in one area and then carpet. This room wouldn't even need paint. The roof needs some work and the siding was not done properly but nothing major. We were a little concerned of the add on and how it was built but neither my dad nor my contactor could get in in the crawl to take a look. This is the one area I'm a little nervous about. My contractor didn't think it was too big a deal which makes me feel a little better. But, since it's a HUD I will not be able to show the property until after closing. This part SUCKS! Since I'm getting a loan for the HUD property next week I don't know how difficult it will be to get another loan. My ideal would be to have the 1st HUD property sold by the time the 2nd HUD property closes! We'll see if that happens...

I'm still going to submit offers but I'm going to make them waay LOWER. Up until now I have been submitting offers using Steve's 70% formula, which is great. But, since I have 2 going now I don't want to get overwhelmed - as much as I would like to be. I can't get "stuck" with a house. If I do get "stuck" I have a back up plan (rent) but I can't do that with more than one house, at least at this point in time.

I still have a lot of debt to pay off and a baby due in August so I can't get too ahead of myself!

Next week I am going to call a couple local banks to see if they will work with me in getting my loans OR some type of LOC. My mortgage guy is great but his cc fees are in the area of $2.5 - $3k for a loan of $58k. More like a HML if you ask me.... he gets it done for me and that's what matters for now. I just need to see if a local bank would be better. My credit is good but my debt to income is SUPER high and I can't use my husbands credit - it sucks.

The worst thing they can say is no and I've heard that a lot!