By Mike Young
Teacher next door, officer next door, etc. If you have a teacher or
law enforcement officer, fire fighters, EMT officers looking for a
property you may want to start here HUD FORECLOSED HOMES FOR SALE to see if something is for sale.
1) These teachers and officers next door bid on the home just like anyone else. make your off, make a full price off + $1 or $2.
2) Once the offer is accepted HUD reduces the price by 50% for your teacher or officers.
They must plan on living there about 3 years to get the full benefit.
If they sell prior to that time HUD may recover their gift.
CAREFUL to build your commission into the off to purchase because they
won't pay a commission for these properties unless it is in the offer.
For each $1 you bid over the asking price, your client will have to pay
that amount over the bid price. Example: Asking price = $300,000, Your
offer is $310,000 your 50% discount kicks in at $150,000 x 3.5 down
payment + another $10,000 more on the down payment because you bid too
high. Yes, you got the property but at what cost to your client? Better
way, offer a few dollars over the listing price, something that is
Get more details on the "Good Neighbor Next Door program" that includes teachers, law enforcement, fire fighters, and EMT workers.