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.
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.