Impact of FHA "Good Neighbor Policy" on foreclosure opportunities in Colorado - Posted by rjknox

Posted by rjknox on March 02, 2000 at 16:31:47:

Today I, along with a lot of others, noted the newspaper article about the FHA foreclosed property sales program known as “Good Neighbor Policy” by which single family (one to four units?) foreclosed houses which don’t sell within 6 months will be sold for $1 each to the local community. Then the local community can sell them to low/moderate income families, or use them to house community services, such as child care or job training.

What is the conventional wisdom about what degree of impact this program and the Direct Sales Program will have on the really good opportunities in foreclosure properties? I am contemplating going relocation to Colorado Springs and am trying to get a handle on the most promising foreclosure opportunities there.