Potential 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.
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.
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
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
