Posted by Nate(DC) on January 24, 2002 at 19:57:36:
Most of these that are conveyed for a nominal price are going to local governments and/or non-profits that are going to rehab or demolish the properties.
NT
HUD Multifamily Property Sales $1.00 ? - Posted by DJT
Posted by DJT on January 24, 2002 at 18:44:50:
First off I’d like to introduce myself, my name is Dave and I’m yet another “newbie”. I’ve been reading posts on this site for a couple of weeks now and this is my first post!
In searching the archives here I don’t see anything regarding this site that I ran across:
http://www.dynaccsys.com/hudsales/#CO
This site lists all of the HUD Multifamily Property Sales for the last 5 years, giving the name and address of the propery and the buyer and closing date. The purchase price and number of units are also listed in most cases.
In looking over these transactions you can see that purchase price is listed as .00 or 1.00 in a lot of cases!
What am I missing here? There must be some sort of mortgage or lien on the property right? I assume that all of these properties were bid on, and most of them display selling prices that are realistic.
I know you can’t believe everything that you read, but I just thought this was interesting.
Dave Tyler
Boulder, CO
I’d love the chance to talk to any investors in the Boulder area!
Re: HUD Multifamily Property Sales $1.00 ? - Posted by Paul_MA
Posted by Paul_MA on January 25, 2002 at 24:41:53:
In Boston you can buy a hud multi for a dollar, but you have to qualify for the rehab financing. The rehabbing is done by hud approved contractors. There are stipulations in the agreement where you must rent the units to low income tenants. Also there is a cap on the resale profit.
The location of these properties is another subject.