Posted by Tim (Atlanta) on March 28, 2000 at 07:22:17:
I didn’t say that HUD overpriced their homes. They almost always list the home fairly close to the fair market value. But I don’t buy homes at fair market value. You can’t make money doing that.
Do a little research here. Watch the HUD site for a few weeks. Get the listing, and go look at a few properties you might be interested in. Then wait and see what bids are submitted on them. The site is set up so that you can see all bids that were submitted as well as the winning bid. I think that you will find that a majority of properties will go at or above the listed price.
Now understand that I am talking about the Atlanta market. More specifically Cobb county. I haven’t expanded my holdings outside my local area because I don’t feel the need to. I have more than enough deals close to home. If you want to see a rediculous market, look at the HUD listings intown (like Decatur). I have seen a run-down shack go for 20% over list just because it was intown.