Is this a dumb idea?
My husband and I have been looking for a house for some time with relatively little luck because we're looking for something a bit hard to find in our area (fixer-upper with 5+ acres within half an hour of his workplace). Last week we finally found a great place at a great price, but it happened to be a HUD house at the very end of its bidding cycle (too late for us to add our bid). The place had been on the market for a while, so we hoped we could just cross our fingers and put in a bid at the very beginning of the next bidding cycle, but alas, the HUD admin accepted a bid before we could get ours in. We were really, really disappointed.
Now, here's my dilemma. I checked the HUD site where it gives information on previous bids, and it turns out that the buyer is an investor, not an owner-occupant. Since the buyer is just buying the place to turn a profit, do you think it'd be weird if we wrote him a letter offering to buy the place from him at some mark-up from what he paid? I figure it'd be a win-win - we'd get the house we want, and he'd get an instant guaranteed return on his investment. Do you think this is a good idea, or should we just wait and hope that it (or some other awesome place) comes back on the market eventually?
If it sounds workable, how exactly would you go about it? The HUD site lists the buyer as an investor, but doesn't give any other information. Should we just slip a letter in the house's mailbox and hope someone finds it? Call the broker and see if she can give us the investor's name? Look up the deed at the county courthouse (or whatever office does that - not sure) and go from there? And should we put an offer in the letter, or just inquire as to whether the investor is interested in selling immediately? I really want that property, but I don't know where to start.