Sunday, April 18, 2010

Crip's HUD Report 4-16-2010: Shoulda Boughta HUD Edition

I think that's my new tag line folks.  Why?  Because I have hundreds of satisfied HUD buyers, and am looking to help many more people become happy clients.  In case you haven't heard, the tax credit isn't going to be extended but it's of little consequence if you are looking to get into a house for $100 Down.  Haven't heard of that either?  Where have you been?  Oh, you bought a beat-up REO at auction, paid a buyer's premium AND some b.s processing fees?  SHOULDA BOUGHTA HUD!  Like one of these....

NEW HUDS FOR 4-16-2010
click for pics of all the properties!

4507 Capri Street, Evans: $150,000. 3 bed, 2 bath, 1412 sq ft over unfinished partial basement, 3 car garage, 2005, fully FHA insured, $100 down.   This attractive ranch in the Tuscany subdivision of Evans is in great shape, with just about all the features y'all are looking for: hard wood floors here and there, excellent curb appeal, big 3 car garage, roomy kitchen, 3 sided gas fireplace, master suite, fenced yard, etc.  The bedrooms are on the small side and the previous tenants likely enjoyed their Pall Malls in the house, but don't let that stop you from checking this place out.   Pics start here: 

1905 7th Street, Greeley: $40,000. 2 bed, 1 bath, 781 sq ft, 1 car detached, 1951, insured with $1100 repair escrow, $100 Down.  I'll be honest, I wasn't going to devote too much time to this little joint in east central Greeley, but after seeing the bathroom and laughing hard, well, I had to bust out the video camera.  To be fair, the list of repairs is fairly minor (for a $40k HUD house) so if you need to get into a decent joint on the cheap, check this place out.    Pics start here:

6757 Colony Hills Ln, Fort Collins: $150,000. 3 bed, 2 bath, 1288 sq ft, 2002, 1 car attached, Fully FHA insured, $100 Down.  This colorful and quaint 2-story isn't quite on Colony Hills.  It is in fact a couple of doors in from the street, and the front door faces a rad little park. 
  If you have kids, this is a no-brainer.  There's alley access to the 1 car garage, but alas there's no entry to the house from the garage (other than the car-hole).  This is a KB-built home in Provincetowne, and if you aren't familiar with the area, we've had a few townhouses in there over the last month and a half.  It has been literally years since we've had a house in here, and this one is worth the wait.  Like many similar homes in the subdivision (and other KB areas), there is no bathroom on the main floor, which is great if you like to exercise when you really have to pee.  The previous tenants broke the "Thou Shall Not Paint Over Every Frigging Thing" commandment, so plan on redoing the main floor paint (and outlets, and doorbell, and thermostat, and...).   Also, the carpet isn't so much stained as it is original.  So what's to like?  Well, the location is killer, the master is big and has its own bath, and in case you missed it, it's only $150k and totally FHA insured.  Dig it. Pics start here:
Relist: 807 Ptarmigan Pl, Loveland: $160,000. 3 bed, 2 bath, 1508 sq ft, 1994, $100 Down, fully insured.  This one has a great location very close to Horseshoe Lake, and is in great shape EXCEPT for the carpet, which is covered with pet stains.  Yes, those kinds of stains.  In fact, the house smells pretty bad, but get over that fact and you'll see this is probably the best deal this week (UPDATE: Still may be the best deal of this week, and it doesn't stink as bad in there now that people have been coming and going for a while).  Fenced yard with dog run and kennel (which the previous owners obviously never used), 2 car attached garage, sprinkler system, cul-de-sac end location.    Rad. Bids due 4-20-2010.  Click here for more info, pics or a showing.
Relist: 2431 Arbor Ave, Greeley: $79,000. 2 bed, 1 bath, 1768 sq ft, 2007.  Not a misprint - this is a 1768 sq ft home with only 2 beds and 1 bath.  It is a bi-level, and the entire lower level contains nothing.  Could you finish it off and make a tidy profit?  I don't see how, but if you're an owner occupant looking for such a project over the long haul you may want to consider it. Click here for more info, pics or a showing.  Bids due Tuesday 4-20-10 for you owner-occupant types.

2818 Alan Street, Fort Collins: $99,000. 3 bed, 1 bath, 1191 sq ft, 1977, insured w/ $4895 escrow, $100 down.  This Countryside 2-story is identical to our recent HUD at 2813 Alan, which was also listed for $99,000 (sold for $97k).  And like 2813, this one sits in a 100-year floodplain and requires flood insurance.  The house is lacking flooring throughout, and appears to have been prepped for a complete overhaul as the 3 bedrooms have been sprayed with a light brown paint.  Oddly, like 2813 before it, this is also missing the toilet.  Not a big deal, but just thought I'd mention it.  The backyard needs some McLovin', and the repair escrow of $4895 puts it just under the radar of 203k territory.  Regardless, I could see this one having some issues on the financing front.  Contact me if you have more specific questions about this.  I suspect I'll be getting two dozen calls from agents about it now.  Can't wait.  UPDATE: Although I'm not quite sure why this one fell apart, I suspect it was because the buyer overbid and didn't realize they needed to bring the difference in cash.  Plus the fridge was stolen from the property while it was under contract. Seriously.  Here's the video, so imagine it without the fancy fridge:   Pics:
   Click here for more info or showing.

Relist: Property Photo 1620 41st ST, Evans: $90,000.  4 bed, 2 bath, 1450 sq ft, 1993, INSURED, $100 Down.  This tri-level is actually in great shape and other than the green carpet it approaches move-in condition.

Nice kitchen too.  Bids due 4-20-2010.   Click here for more info, pics or a showing. 

No price reductions this week, which means everything is selling. As always, please drop me a line if you'd like to check any of these out or if you have any questions on HUDs or real estate in general.  Most of the HUDs are remarkable deals, and combined with the $100 incentive they are literally the best deals around.  As always, you can go to my website and search the entire state's HUD inventory.  Comments, questions and showings please send an email or call me at 970-988-5634.  Have a great week! Crip