Walker Ranch (Patterson, CA)
By DAdrea Davie, Stanislaus & San Joaquin Short Sale Agent
(Keller Williams Realty)
There are many advantages to purchasing a HUD Home. My NUMBER ONE reason is FHA home buyers who plan on occupying the home are often outbid by investors on REO properties. With HUD Homes Priority bidding is given to owner occupants (homebuyers that intend to occupy the property within 30 days) for the first 30 days of the property being listed. Purchasing a HUD Home in a Distressed Market. HUD Homes are Sold As-Is. And are not warranted. Before a HUD Home is listed, an inspection is completed and a Property Condition Report is given on the property. I would recommend home buyers bring a Professional Home Inspector upon viewing the HUD Home so you aware of any red flags before submitting a bid on the property. HUD Homes are typically considered “fixer-uppers,” however not all HUD Homes ...
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We knew we had a great property but we were very surprised that we received 10 offers all well over our asking price.  This was on a SFR in Patterson, CA.  Our research showed a strong rental market for this product that was selling for $500k+ at the peak of the market.  The replacement cost is much higher per sq.ft than the $154k we were asking.  With 20% down this cash flowed a little positive on a 30 yr.  We did not get a sniff on the investor market (o.k., a couple, but no offers).  Once we put on the MLS/owner occupied market we received 10 offers 10% or more over the $154k asking price within a 5 days.  All offers were from local owner occupied buyers. Here's a link to pics and property info: http://northpointgroup.vflyer.com/home/flyer/home/2369089 We are hearing from our realtor...
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Patterson, CA Real Estate Professionals