Posted by Sue(NC) on May 20, 1999 at 19:07:59:
It really depends where you are as to whether deals can be had with HUD. About 8 years ago here in Raleigh, you could get terrific deals with HUD. Now houses sell for full market. Not a good deal in my book, but some folks like them for the low down payments (for owner occupants).
But my reply was not intended to be ‘pro’ or ‘anti’ HUD. I was just saying that I’ve found no way to circumvent HUD once the foreclosure sale has been held at the courthouse on an FHA insured loan. With repos with conventional loans, the banks are approachable. On FHA and VA loans, I have found that they are not…
REO and HUD ? - Posted by jvc
Posted by jvc on May 19, 1999 at 15:43:37:
Was driving around the other day, saw a vacant house, and checked it out. Found out it went through foreclosure, back to the bank. Bank took it back for 95K, would retail for 125K. Called the bank to inquire about it, and was told it was a HUD insured property and that HUD would be marketing it. (Nothing in the county documents I saw mentioned HUD). My question(s): Was the bank just putting me off? Is there any way around HUD? (HUD properties generally go for market value in this area). Is this worth pursuing ???
Re: REO and HUD ? - Posted by Sue(NC)
Posted by Sue(NC) on May 19, 1999 at 16:11:22:
The bank won the bidding at the courthouse steps, but since the loan was FHA insured, HUD will take back the house & reimburse the bank for its loss. It might take a few days (or even months) for the title to transfer back to HUD, but it will eventually.
I’ve never found a way to circumvent HUD.
Re: REO and HUD ? - Posted by Trevor
Posted by Trevor on May 19, 1999 at 20:02:05:
It sounds as if you are down on HUD. Is this not a good way to obtain discounted properties?