Posted by Corey on January 27, 2000 at 09:02:54:
They are exempt in ND, exect I believe from special assements (road, and infastructure improvements).
H.U.D non-profit buyers WHO ARE THESE GUYS ??? - Posted by d.moren
Posted by d.moren on January 26, 2000 at 19:18:01:
Last week in my area, three HUD homes were sold, in the owner occupy stage of bidding, by the same non-profit organization. This org. is from Chicago (I’m in Co.) What’s up with these guys? Under what guise do they operate. Can we form a non-profit of our own? Can anybody shed some light on this. dm
Re: H.U.D non-profit buyers WHO ARE THESE GUYS ??? - Posted by Bill K. - FL
Posted by Bill K. - FL on January 26, 2000 at 20:19:20:
I,ve run into the same thing down here. After checking some things out I found they were being bought by a so-called nonprofit then were being advertised in the local paper for sale. The officers of the nonprofit were also officers of the RE company reselling the properties. I sent a note to HUD about it asking the same thing. Never heard back from them. Our tax dollars at work again. I told them why don’t they just end this charade and let everyone bid at the same time. I don’t bother with them anymore. I don’t see any opportunity with them. Just let them rot.
Re: H.U.D non-profit buyers WHO ARE THESE GUYS ??? - Posted by JD
Posted by JD on January 26, 2000 at 20:13:19:
First let me say that I am somewhat confused, it is my understanding that all HUD properties in CO are now listed on the MLS via one central listing company, and that there are no more “owner ocuppant stages of bidding” (I dont concern myself with HUDs, so there may be exceptions I am not aware of, please enlighten me).
Secondly I, like you, am suspious of the motives of any non profit corp. and anyone that works for a nonprofit corp. And I do not believe that the non profits should recieve special privilages.
Yes you can start your own non profit, you can buy a book that tells you how to do this at most any bookstore.
The biggest anvantage of owning a property through a non profit corp. is that you do not have to pay property taxes (in most States). Other advantages include access to special financing (many restrictions).
Why dont you post the name of the non profit org? Maybe it is a legitimate charity, or maybe it just a shell corp. for a local investor. Do the local property records indicate any other propties owned by the same non profit?
HUD bid stages - Posted by d.moren
Posted by d.moren on January 26, 2000 at 22:20:35:
It’s still alittle confusing to be but… The first stage of bidding is for owner/occupy (and non-profits), this goes for about a week.
After that it goes to the next stage where bids are accepted from anyone with owner/occupy, and non-p’s getting priority consideration. and from there it goes… well you get the picture!
And you are right about one agency (in Texas) runing the whole show now.
I will try to get some answers to your Q’s. Their name is Heritage somthing. I’ll do some checking and let you know.
Thanks, dm
In what states do non-profits pay no property taxes? Huh? - Posted by NJDave
Posted by NJDave on January 26, 2000 at 20:32:04:
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Re: In what states do non-profits pay no property taxes? Huh? - Posted by JD
Posted by JD on January 26, 2000 at 22:41:08:
The only States which I have first hand knowledge of are WI, CO and CA, but it is my understanding that most States do not require qualified non-profits to pay property taxes. About 1.5 years ago CO had a ballot measure to eliminate the property tax advantage enjoyed by non-profits, but it was resoundingly defeated.