HUD $1 homes program to start soon...... - Posted by Chris

Posted by chill on March 05, 2000 at 21:11:27:

It was on our local news in the Columbus, Ohio area.
The house was sold to the city of Columbus. Cities will be the only ones able to purchase $1 homes. Investors will not be able to buy the houses for $1. To bad. This is all I know about it.

HUD $1 homes program to start soon… - Posted by Chris

Posted by Chris on March 04, 2000 at 16:20:55:

Hopefully the first sign for investors that HUD foreclosures will start to go down in price. For more info:

http://www.bankrate.com/brm/news/mtg/20000303.asp#local

HUDs are DUDs!.. - Posted by David

Posted by David on March 05, 2000 at 12:29:38:

There one in my area worth 20 they’re asking 50 and have been trying to sell it since the end of 1998 and haven’t lowered the price yet.
Another one they foreclosued 10 years ago, its siting there with poison ivy growing all over it because they haven’t gotten around to selling it YET!
Our tax dollars at work.
David

Re: HUD $1 homes program to start soon… - Posted by chill

Posted by chill on March 04, 2000 at 21:18:05:

They have already started selling the houses. The first one was sold in Columbus, Ohio today. Another great goverment program gone to H_ _ _ .

Govt and HUD are great at wasting money - Posted by charles (del)

Posted by charles (del) on March 04, 2000 at 20:33:08:

why they do not immediately auction these houses is beyond me. A horrid house with horrid neighbors has been sitting for over a YEAR. HUD price is around $50K in an area where $60K will buy a clean decent house. This house is MAYBE worth $25K As is. Meanwhile lost interest is being wasted.

Lost interest, you say? OH. That applies to only investors like us not the wasteful govt.

I think most HUD houses are overprices. I have done one to date and made money but only after busting my butt fixing it.

Another brilliant Washington brainstorm - Posted by Jacob

Posted by Jacob on March 04, 2000 at 18:10:02:

This is simply another indication that the people we send to Washington are more concerned with positive press reports than actually doing something beneficial.

HUD has been notorious for years for being hostile to investors. I don’t know why they think some gov’t agency will be more motivated to help the community than an investor would be.

Maybe the answer is to stopo sending these yahoos to Washington in the first place. What a novel concept, electing someone that isn’t a career politician and won’t sell out to the highest-bidding lobbyist.

My $.02.

Jacob

Re: HUD $1 homes program to start soon… - Posted by JD

Posted by JD on March 04, 2000 at 17:40:18:

It is certainly a sign of something. Seems to me like it is the sign of the most unmotivated Seller that has ever existed. Clearly HUD would rather give unsold houses away to the municipalites, rather than sell them at a discount to investors. Not that it matters to me, HUD houses sell for close to full market price in my area.

Re: HUD $1 homes program to start soon… - Posted by Lib Cassin

Posted by Lib Cassin on March 05, 2000 at 10:42:28:

Hi Chill
How do you know so much - I would love to learn more about this program, would you be able to steer me to a web site or something
Thanks a lot

Re: Govt and HUD are great at wasting money - Posted by bill

Posted by bill on March 04, 2000 at 21:14:24:

hahaha…doesn’t it make you laugh? Their reason? “well,we know investors will just snatch them up and flip quick after fixing up”…well duh,isn’t THAT the idea that started HUD’s???