HUD Homes

Has anyone else heard this rule of thumb? I hear that the least HUD will accept on a home thay are selling is 92% of the list price.

Does anyone out there know if this is true? If it isn't, what is the least HUD will accept on their homes for sale?

Thanks,
JS.

Comments(1)

  • k56408813th August, 2004

    Here in Ohio I know for a fact that is not true. 5 months ago I bought my first investment property, a HUD foreclosure for $47,000. The list price was $68,000. The bidding was won a couple of times by other bidders who did not follow thru and buy the house, so the price kept droppping. It was in pretty good condition in a decent neighborhood. Maybe the 92% "rule of thumb" is just a trend in your area.

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