I found an interesting HUD house online yesterday, went to see it today. It was listed for $47,000 and I determined thought that I would offer $40,000 to buy it. I estimated the cost to repair the house would be $20,000 including adding new central heat and air. I met the neighbors. I was getting my nerve up to make my bid. When I went to the website to find out how to make my bid, the bid now button was gone and it had "Contract Pending" next to it. Apparently, I wasn't the only one who thought this was a good deal. It last sold in 2007 for over $84,000. The moral of the story is on HUD houses, be sure to check each and everyday. Be ready to submit your bid quickly because the good houses in good areas are getting snatched up quickly.
