HUD SALE!!!
Has anyone heard of this HUD sale that goin' on at the end of this week?? Apparently it's supposed to be a blowout sale, everything must go. Apparently they're auctioning off 4000 properties that are currently contracted under HUD. One of the major differences in tis sale as opposed to other HUD sales is that you get to inspect the property and get a home inspection before bidding. Has HUD has these events before?? Or is this all smoke and mirrors??
It's due to some sort of reorganization, or so I was told. Some of the properties will be an absolute auction, others will not. It's certainly worth looking into.
An associate of mine is going to look at a place in NJ ( shore property ). I was also curious to know if this was going to be a nationwide thing or just specified to certain parts of the country
Chris,
They had the auction on 02/21/2004 in Pgh, Pa. My real estate agent said they were having them nationwide.
Lori
[addsig]
Any body know how to find the dates, times,list, and terms of the auctions?
In an effort to reduce inventory, HUD has announced that it will conduct an electronic auction of a designated group of properties nationwide. The auction will begin at 10:00 AM EST on February 27, 2004. All bids must be submitted not later than 11:59 PM EST on February 28, 2004. HUD expects up to 4,000 properties to be included in this auction nationwide. We expect to have up to 1,000 homes available in the auction from Golden Feather areas. All listings subject to removal prior to the commencement of bidding.
Here's the link: http://auction1.towerauction.net/GF-Auction.htm
WHEELER,
I get my info from my real estate agent. He calls with all new listings. A real estate agent is a person to have in your corner. That was one of the first lessons I learned. You can do most things yourself, but not place bids. Our relationship comes from respect of one another. I always try to build a good relationship with a REA in every area I do business.
Lori
Building relationships is one of the most important parts about REI
[addsig]
just go to http://www.hud.org. You can find houses for auction there. I live in Atlanta area. Some of them look very interesting. You got to hurry though. The auction ends on 2/28 (I think) <IMG SRC="images/forum/smilies/icon_wink.gif"> [ Edited by SmileyFace on Date 02/25/2004 ]
There are alot of great deals, that are going to be in this auction, i have my eye on about 20 of them! Having been buying hud for 4 years and this is the first time i have seen this type of auction from them. Hud is not the only one that is trying to clean house!
Aaron
Realtor
Hey Tinman,
Off the subject, but, I was following the post in the foreclosure forum and I hope noone was hurt during that whole thing (smile) Keep doin' what your doin' girl! Go get em!!
So.......anyone find a good deal in the sale? I followed the bidding on housing in MI but didn't bid myself. It didnt' look like there were any "killer" deals made but....
How bout the rest of the country? Did the sale get good results?
becki
My bro and I looked at many around Denver and were somewhat interested in maybe six. Then we talked to the realtor that we were going to bid through, and she advised against trying for any of them. I was thrilled for the good advice.
I'm a HUD registered Broker and there are few deals to be found if you really crunch the numbers on these properties. In CA, you'd be extremely lucky to find a deal. Many of these HUD properties are going for above market value even though they are fixer uppers. When working with a HUD broker, be sure to pull comparables and get your own contractor/handyman to estimate fix up costs. Many HUD brokers will have you bid to win so they get a commission -- meanwhile you could end up with a total dog. Establish your limits and proceed with caution.
Best of luck with your purchases!