HUD Sells DUDS For A Buck A Piece (long) - Posted by Bill K. - FL

Posted by Hugh James on May 03, 2000 at 12:45:08:

They were offering us rehab folks (at least here in Chicago) the “opportunity” to buy some of their worst properties bundled into packages of 6 or 8 properties for “bulk sale” at a “discounted” price. I suppose for the right investor they may have been a deal, but I seriously doubt it.

I just don’t think they’ll ever learn.

HUD Sells DUDS For A Buck A Piece (long) - Posted by Bill K. - FL

Posted by Bill K. - FL on May 03, 2000 at 08:21:47:

Now it turns out that HUD had a fire sale on Monday and sold 1000 houses for $1 each. More are expected to be sold soon. Was anyone on this site offered the chance to buy? I doubt it. That’s because our government in it’s infinite wisdom only made the homes available to local governments who it is believed can do a better job of rehabbing and reselling the homes than you or I. This is more of the same “stinkin thinkin” that got them into this mess in the first place. These were homes that were on the market for six months or more. Could that have been because HUD’s DUDs were overpriced to begin with. So now, instead of lowering the price, they gave them away and told the taxpayers don’t worry, it won’t cost you a cent! I would like to know the accounting methods they use. You know folks, this is our tax dollars they are playing with and these dilapidated homes might be in your neighborhood. I think it’s time to voice our discontent with this unfair system and e-mail our representatives. You and I both know the private sector can do a much more efficient job than government.

Re: HUD Sells DUDS For A Buck A Piece (long) - Posted by Jackie_IL

Posted by Jackie_IL on May 03, 2000 at 17:07:42:

I was just reading the HUD listings today when I saw the offering they are giving to the local governments. Now, this is a newbie question. I thought b-4 I saw your post today that I would utilize HUD’s older listing & then flip it once I have it under contract. But, from what I’ve been reading from this site (their homes are over priced) for what I’m trying to accomplish? Would this be a correct assessment of what you guys have been saying???