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HUD homes offer many buyers the chance to purchase their home with built in equity, and allows investors some fantastic deals, as well. When the foreclosure rate is particularly high, as it is in 2007, HUD’s i

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

nventory swells, and there are deals to be made. HUD deals are very different from traditional purchases, however, so make sure and follow sound advice before purchasing your first HUD home. Follow these tips, and y

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

u will be on your way.

1) All HUD Homes Aren’t Great Deals
Many buyers mistakenly assume that, if the US Department of HUD is selling, it must be a great deal. This couldn’t be further from the truth! M

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

any Realtors relentlessly market HUD homes to drum up business, and this can create a glut of HUD buyers. When the HUD inventory is particularly low, oftentimes buyers will bid the property up to, or above the fair m

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

rket value. Look at every HUD deal on its own merit, and make your decision based on that.

2) Understand the Bidding Process
HUD purchases are very different than conventional deals because they follow a

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

“blind” bidding process. The bidding date is released by HUD, and each buyer submits their best offer – without the knowledge of any other bids. As long as HUD finds the highest offer acceptable, that offer is acce

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

ted. HUD retains the right to refuse all offers.

3) Know the Difference Between “Owner-Occupant” & “Investor”
One of HUD’s goals is to increase the number of US citizens who own homes. Because of this,

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

they give preferential treatment to owner-occupants over investors. Owner-occupants have the first 10 days to bid on any home before it is released to investors. A buyer may bid as an owner-occupant once every two y

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

ars. Make sure and bid honestly – otherwise is illegal, and can result in hefty fines.

4) Anticipate Repairs
You are allowed the opportunity a third party inspection before closing, but buyers cannot neg

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

otiate repairs based on the results. Backing out of HUD deals & retaining your earnest money is trickier than conventional purchases, too, so you may run the risk of losing your earnest money. Make sure and go throu

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

h the home thoroughly before bidding on it.

5) Continuously Monitor the Inventory
As foreclosure rates rise and fall, so does HUD’s inventory. The laws of supply & demand definitely apply here – when the

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

inventory is high, your chances of getting a great deal are higher than when they are low. Follow the asking price & sales price of HUD homes – if they are selling far over asking, it might not be the time to buy.

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

b>6) Make Sure Your Realtor & Lender Know the Process
After your bid is accepted, the paperwork begins! In Texas, HUD requires that you submit original signed (in blue ink) paperwork to the HUD agent’s offic

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

e within 48 hours of the bid’s acceptance. If the paperwork is incorrect, you are allowed one revision – which must be received within 48 hours. They are just as strict with a lender’s closing documents – so make su

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

e both your Realtor & lender are very familiar with the HUD process. Oftentimes, the HUD agent’s office will be located in a different city – and often, the escrow agent will be located in yet another city – this can

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

put a very interesting twist on the process, and time constraints.

7) Act Quickly & Decisively
Because HUD places very strict time constraints on bidding, and due to the bidding process, you must act qui

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

kly & decisively. You will typically have 1-2 weeks from the date HUD places the property on the market until the bidding period begins – and more often than not, the property will be purchased on the first day of bi

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

dding. Make sure & exercise your due diligence, and make your decision quickly – you often won’t get a second chance.

HUD homes can be fantastic opportunities for a buyer or investor to get a great deal on a prop

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

rty. However, because the purchase process is quite different, make sure & do your research before attempting to find your first buy. Follow these tips, & you will be on your way to a successful transaction!

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

>Disclaimer: The information above is based on Eric’s experiences with HUD in Texas from 2004-2007. The process continually changes, so make sure & get the most up-to-date information for your area before bidding.

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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