What do you do when..... - Posted by Charity

Posted by Sheik on April 20, 2000 at 12:29:02:


Stacy’s advice is right on the money.

Owner occupants, it seems, think that the mere act of purchasing a ‘Hud Home’ translates into a coveted bargain.

I looked at a Hud home this past weekend - FMV ~ $125K after approx 7K fixup. List price 98K.

I was gonna offer 90K but I was outbid by owner occupant for $120K!


What do you do when… - Posted by Charity

Posted by Charity on April 20, 2000 at 11:33:56:

you see a HUD sign in a yard, but it is not listed in the MLS service? I can’t seem to get the HUD page to work, so maybe I have the wrong web address. Can someone give me an idea? I found a great house in a neighborhood where I just sold a house (I am a real estate agent) and I peeked in the windows. It needs major rehab, but things are selling in this area. The MLS does not show this home at all - not listed, sold, under contract or even expired.


Re: What do you do when you can’t find a HUD property … - Posted by :ee

Posted by :ee on April 20, 2000 at 15:29:06:

Hi Charity

In your MLS system go to “search for key words” and type in “First Preston” or “HUD”. If it’s listed in the MLS it WILL come up. I know, you said it’s not listed, but try that.

Otherwise, go to the hud site, hud.gov, and look for regional offices (or what ever they are called) and call about the property you are intrested in.

Let us know… OK?


Re: What do you do when… - Posted by Warner(ATL)

Posted by Warner(ATL) on April 20, 2000 at 13:36:14:

Hi Charity,

Not to add to the doom and gloom of HUD foreclosures, but finding a HUD bargain is like finding a needle in a haystack. In the homefinder section of the Atlanta Journal (either this past weekend or two Sunday’s ago)the regional director of HUD stated in summary that HUD is not a place to find bargain properties. Most times they list there property at FMV-fix up cost giving the homeowner no credit for time and energy spent needed to fix-up the property. As with many bank owned properties the word “foreclosure” is used primarily as a market tool by HUD to generate interest in the property, so that people think they are getting a deal. However, this is not to say that one may slip through the cracks every blue moon…


Re: What do you do when… - Posted by Tim (Atlanta)

Posted by Tim (Atlanta) on April 20, 2000 at 11:47:15:

Just seeing the HUD sign really only indicates that it has or will be on the HUD list soon. HUD does not list the houses with MLS, it counts on its web site and real estate agents to generate the buyers. The HUD list is added to once a week here in Georgia.

The site for GA is : www.hud.org/i5/ga

From there you can look at what is currently on the list, as well as the recent sales. If you can’t find it on either list, it is not available. Sometimes HUD puts the yard signs up long before they have clear title to the property and can sell it. Keep an eye on the list, it may come up. But here in Atlanta, don’t count on getting a real deal on this. Depending on the area, I have seen houses in bad condition sell above the HUD listed price.

Hope this helps.

Re: What do you do when… - Posted by Stacy (AZ)

Posted by Stacy (AZ) on April 20, 2000 at 11:45:42:

Good luck. I’ve come across a few of these, and found that they were “in process,” meaning that they have not yet made it through the HUD bureaucracy to be available for sale. HUDs must be sold through the bid process, so I don’t think there’s anything you can do except wait for the property to be offered, and make your bid. If there’s another way to get at these, I’d sure like to know. I gave up on HUDs several months ago after getting overbid every time I tried, and wasting time that could have been spent finding legitimate deals.