ForeclosurePotential HUD bidders are often confused about where to find legitimate listings of HUD foreclosure properties.

The good news: You don’t have to buy some expensive e-book or “info product” to get HUD foreclosure listings. You can find every single HUD foreclosure listing online from the HUD-approved listing agent. This is free and requires no sign-ups or other such trickery.

The bad news: Each state has its own listing agency. So, you won’t find these listings in one place. You need to visit each agency’s website to find the HUD foreclosure homes in the state(s) they represent.

You can find links to the HUD foreclosure listing agencies for all 50 states by checking out this article: Where to Find HUD Homes for Sale.

{ 0 comments }

Well the Housing and Economic Recovery Act passed, and it offers select homeowners eligibility for a tax credit equal to 10 percent of the purchase price of a home, up to a maximum of $7,500. This credit is $3,750 for married couples filing separately. Unmarried people who jointly purchase a home will be able to divide the $7,500 credit.

Sadly, the credit will need to be paid back to the government over a 15 year period though it’s interest-free. Home buyers would be required to repay the government over 15 years in equal installments of $500 for any amount received.  Eligibility caps around $75,000 and $150,000 for joint filers.

Certainly not the incentive that foreclosure buyers were looking for, but this credit may be some help to those looking to buy homes in the next year.

{ 0 comments }

After denying local government requests to further postpone auctions on several properties, HUD put the apartment complexes on the auction block. Not a single bidder came forward.

Previously, HUD had offered local Syracuse officials a short postponement. But, when they were unable to find a suitable buyer during that time, HUD decided to go forward with the normal proccess.

Hilary Clinton released a statement condemning HUD’s choice and supporting the local officials:

“After hearing multiple appeals seeking additional time for the City of Syracuse City to continue their search for a developer capable of rehabilitating the ElJay apartments, HUD instead chose to dive head first into the auction process. Today, HUD proceeded with their ill-advised auction which was wholly unsuccessful, and failed to attract a single bidder.”

As foreclosures increase, HUD seems to be having a rather difficult time. They hold too much inventory in declining markets, their president recently resigned amidst scandal, and they are having difficulty working with local governing boards.

See Also: HUD Foreclosure Guide 

{ 0 comments }

Earlier this week, HUD decided to block government foreclosure home purchases in Ohio and Michigan. In both states, local governments were going to purchase HUD properties for $1 under a special program. The communities would then restore the homes or, as is more likely in these cases, bulldoze and rebuild.

Now, HUD is reconsidering the foreclosure purchases. The Cleveland Plain Dealer reports:

“A HUD spokesman said that HUD wants to make sure the program’s requirements and intentions were followed. That could include the goal of strengthening communities as well as making sure HUD got “a maximum return” on property sales to help support the FHA insurance funds, according to the HUD memo.

Another issue apparently will be reviewed: the purported hoarding of $1 houses. Wayne County, Mich., alone has tried to buy about 1,000 $1 houses as it attempts to remove blight, according to the Chapman firm. Cities in the area, including Detroit, complained that the county was overly aggressive, saying they, too, want a chance to buy $1 houses within their borders.”

Should HUD discontinue the programs in these areas, there will be a massive amount of inventory available to investors. However, no one seems to be particularly interested in buying up foreclosure homes in areas such as Detroit. Dozens of homes in the city are already listed at less than $5,000 and there have been few takers.

See also: HUD Foreclosure Guide

{ 0 comments }

Funding HUD Home Improvements – Tax Free

April 9, 2008

If you take out a personal loan or use a credit card for improvements on your investment properties, you’re missing out on a valuable tax deduction. One of the most financially savvy ways to fund such improvements is with a HELOC loan. A home equity line of credit (HELOC) is secured by the borrower’s home [...]

Read the full article →

$7,000 Foreclosure Tax Credit Proposed

April 8, 2008

The Senate is currently considering a bill that would offer a $7,000 tax credit to those purchasing foreclosure properties. Forbes.com reports: “Like the House measure, the Senate bill has a standard deduction provision, but it allows businesses to apply their net losses to previous years in which they turned a profit. It gives the Federal [...]

Read the full article →

Syracuse Mayor Requests HUD Foreclosure Auction Cancellation

April 7, 2008

The spotlight is once again on Syracuse this week, as the mayor is making further requests to change HUD foreclosure auction policies. Previously, the mayor had asked HUD to postpone the sale of nine investment properties so that the city could locate qualified landlords. In an unusual move, HUD agreed and postponed the foreclosure auctions [...]

Read the full article →

Evaluating HUD Properties

April 2, 2008

All HUD foreclosure homes are sold “as-is.” However, potential bidders are given ample opportunity to evaluate the condition of these properties. Whenever HUD lists a foreclosure home online, it also includes a property condition report in PDF. The reports tend to be extremely detailed and list problems with the property such as damaged roofs, removed [...]

Read the full article →

HUD’s Good Neighbor Next Door Program

April 1, 2008

In certain areas, HUD allows service professionals such as teachers to purchase foreclosure homes at a whopping 50% discount. Here’s how the HUD website describes the program: “Buy a home through HUD’s Good Neighbor Next Door initiative designed to encourage renewal of revitalization areas by providing law enforcement officers, firefighters, emergency medical technicians and teachers [...]

Read the full article →

HUD Secretary Resigns

March 31, 2008

Effective April 18, Alphonso Jackson will step down as the HUD secretary. He is currently being investigated for corruption and several senators have called for his resignation. The Los Angeles Times reports on his final speech: “There comes a time when one must attend more diligently to personal and family matters,” Jackson said in a [...]

Read the full article →