Posted by Mike.R(NJ) on October 16, 1998 at 12:33:34:
There was an Hud auction in New Jersey a couple of months ago.
According to a Hud rep in NJ. That was rear event.(last one was two years ago).
Only when Hud gets a large inventroy of properties, will they do an auction. Their perferred way to sell Hud properties is owner/occupant.
Although it may be different in Chicago. You may want to check your area’s HUD web site.
http://www.hud.gov
HUD status - Posted by Kevin (NE IL)
Posted by Kevin (NE IL) on October 15, 1998 at 23:30:39:
I spoke with a realtor who deals exclusively in HUD and VA foreclosures about HUD discontinuing their auctions. She had been told by HUD that the auctions would end in October, and HUD would then become rehabbers. However, HUD is still advertising properties for auction. Interestingly, there was an open cry auction in Chicago in late August, and now nearly all the properties listed in the area are being offered “owner/occupant”, as if they are now unloading a backlog. Has anyone heard anything?