Re: Losing hope for HUDs - Posted by Tim (Atlanta)
Posted by Tim (Atlanta) on December 08, 1999 at 06:20:21:
Before the most recent changes took place at HUD, if a property stayed on the market over 6 weeks here, they would be willing to take 20% less than the list price. I bought one of these about 2 1/2 years ago. Things have changed in the last year. I have seen properties stay on the HUD list for over 12 weeks. With offers of up to 90% of the listed price. HUD refuses the offers. They put the property on the next HUD auction. At auction, many inexperienced investors actually bid over the list price, just because it is an auction. I even had one person tell me “I bought it at a HUD auction, so it must be a good deal”. Wrong answer!!!
I have pretty much stopped looking at HUDs. Here they go for list price or better. NOT my idea of a good deal. If I were you, I would look for motivated sellers, and right now HUD is not one of them. You might do better looking at bank-owned REOs.
Good luck in Palm Beach County, beautiful part of the country.