| The concept of rehabbing an ugly duckling and transforming it into a swan seems to be perennially fascinating, as evidenced by the numerous TV shows such as This Old House, Bob Vila's Home Again, Home Savvy and Hometime. But many of these shows have evolved toward transforming properties in hot areas such as Martha's Vineyard and Key West into estates for millionaires, using professional architects, master craftsmen and heavy machinery and financing. Our book differs in that our subject property, rehabbed by two people without particular construction skills and with the help of local workers, was purchased through HUD for $40,000 and is located in the Poconos, a Pennsylvania area with modest cachet. Most important, every event is true. There are no scripts, no behind-the-scene helpers, and retakes are reported. There is an actual BEFORE appraisal of the house by HUD, and an AFTER appraisal by a licensed real estate appraiser. Such data is ordinarily omitted in media rehabs. What are the five most important aspects of HUD House? 1) All the events in the book are true. Only names have been changed. Failures are not covered up, nor are successes hyped. 2) Readers can learn the actual process of bidding for a HUD house. We describe a successful bid as well as one that failed. 3) Actual relations with contractors are detailed - how we dealt with difficulties such as no-shows, postponers and imperfect work. Informal contracts are described and discussed. 4) It is about repairs and improvements to a $40,000 fixer-upper, rather than remodelling for millionaires. 5) The project is a study in perseverence. Newbies are often led to think that if they will merely follow the simple instructions they will meet their goals: "So we attach the moldings and we're done!" HUD House shows the daily obstacles and ways we overcame them Why is HUD House current? Despite the current mild economic recession, and even after the recent international shocks, housing sales have increased, demonstrating the basic passion of Americans for home ownership. Buying a HUD fixer-upper is one path to this constructive goal. How can a copy of HUD House be obtained? Click below. May I see a sample of this book? Here is a sample: 6/8 We pack up all our documents and bank checks. We start out early to take a dry run to the lawyer's office, then pick up some paint at Sears on our way to the house. We think we should look in just before closing and make sure no disaster has occurred. This walk-through is often done with the Realtor, and one is entitled to it, but since we have the key it's not necessary to bother Anna. We remove the various for sale signs. Lawyer Bill is super. All is well organized. We start. Soon Anna arrives; then Katie for the bank, with a box of chocolates for us. The lawyer explains each form as we sign it. The documents are passed around to each person who has to sign. Chatting reveals factors that played a part in the attitudes and delays. Apparently, the the former broad-selling agent had gone bankrupt, and the new one had just been appointed. They, in turn, had not yet selected a closing company and so would not give a closing date. About 100 other people were caught in this morass. Our Realtor was in litigation with a client who found septic tank troubles and was claiming they had never been advised to inspect. Anna thought we could never pass appraisal if there was no stove and informed us. In fact, she said it again at the closing in Katie's presence. We all laughed, and the lawyer told her she shouldn't be saying that now. I presented Anna with a dramatic-looking cyclamen plant for seeing us through this mess; Katie gave us her box of chocolates; we got a deed; Anna, HUD's closer and the lawyer all got checks. WE OWN THE HOUSE! (more on next page) |
