The drama in Syracuse is coming to a close, as HUD has agreed to postpone foreclosure auctions on nine properties. The mayor, who was later supported in a letter from Hillary Clinton, had been urging HUD to allow the local government to choose a qualified landlord. The AP reports:
“In a rare move, federal housing officials are giving this city another three weeks to find a buyer for nine low-income apartment buildings.
The U.S. Department of Housing and Urban Development agreed to postpone Wednesday’s scheduled auction for 21 days.”
The local government plans to seek out a buyer who has experience managing income properties and will not let the apartments deteriorate any further.
This is definately a landmark decision for HUD. If it sets a precedent, it may result in more local control and a significantly smaller auction inventory available to investors.
See Also: Secrets of Buying HUD Foreclosures