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Hi everyone, first day of membership.. We purchased a HUD home in October 2016 which is a SFR 3b/1ba, 1000 sq ft home which needs approximately 5-7k in work. The ARV is approximately 35k-42K after rehab. We are currently residing in San Diego California but are very interested in the Home Bidders Sale approach either for the down payment or the full price offer. The area of Danville is depressed according to articles, but home could also be a long time hold. Our intention was to flip it quickly and build a purchase history with HUD in order to position our non profit for wholesale pricing on the better quality homes with HUD. We have attempted to sell it with a broker for 50% off ARV, no takers. Any suggestions on how we could pull off the Home Bidders Sale without personally going to Danville Illinois? Should we attempt to sell it using the HBS thru our broker?
HI Abe
Thanks for subscribing to CashFlowDepot. The only way you’d be able to do a Highest Bidder Sale for the house in Danville, would be to find someone who lives near the area to do it for you (preferably someone who has experience doing Highest Bidder Sales). Of course they’d want a cut of the profit.
You might reach out to CashFlowDepot member Don Wede. He has experience with Highest Bidder Sales and lives in Illinois but I don’t know if he is close to Danville.
A broker would not have a clue how to do a HBS. If a broker could not sell it for 50% of ARV then maybe you are asking too much.
A problem with buying properties out of state is not knowing the local market.
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