We bought a HUD home for $13,000 and sold it for $43,000!

What a thrill it was to write a check for only $13,000 and become the owners of a nice little two bedroom town home worth more than three times that amount with a little fixing up!  The year was1994, and my husband and I were buying our first HUD foreclosed home as a real estate investment.  The real estate agent told us homes in the neighborhood were selling in the $40,000 range, so we were confident that we had a sure thing for making a tidy profit.

Great Location, Great Price

The home was a two bedroom row-house in center city Philadelphia, not far from posh Rittenhouse Square.  Located on a quiet street, it was within walking distance of all necessary amenities and in a neighborhood where good neighbors watch each other's property. We found out just how vigilant these good neighbors are about practicing "neighborhood watch," when our contractor was challenged by the next-door neighbor as he entered the house to do his work.  The house itself needed somewhat more than cosmetic work, but it was structurally sound and our total repair bill came to only $8000.    Do the math: we sold it for $43,000.  Subtract $21,000 ($13,000 purchase price + $8,000 renovation) = $22,000 pure profit!

Searching foreclosures is easier with Bargain Network Homes today...

Our search started by traveling 130 miles to Philadelphia from our home in Maryland to visit a Philadelphia real estate office that specialized in foreclosures. There a real estate agent showed us long lists of foreclosed properties in and around the Philadelphia area.  We chose a few homes to look at and found ourselves tromping through many a dilapidated or abused house before we came upon our prize. But that was 1994 - there were no Internet listings like we have today.  We could have gotten a lot further in our search before we traveled to Philadelphia.  In fact if Bargain Network Homes had been on the Internet back then we might have found an even better deal in another location !

- Diane and Karl Woods
Silver Spring, Maryland
Owners, BestPriceChaser.com

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