Is this a scam? 4 posts by 4 users

Posted: 09/07/2008 at 03:45AM

In my search for a home in a small FL town I've probably seen just about every MLS listing out there over the last 8 months, specifically looking at REO's. Saw a recent ad on craigslist by a broker advertising a fixer upper for $36K. The ad led me to a HUD website that gave detailed info-property details, inspection report of HUD, etc. etc. (more information than I've ever seen on a normal MLS listing). What intrigued me was that a different broker had previously sent me this- I recognized the photo. I looked through the property listings and found this same home presently listed through MLS at $52,500. When I googled the address I found the same house advertised in Homes/Land sites for $90K. I'm wondering who actually has this listing and what the actual asking price is!!!. When I perused the HUD website further, it gave me detailed info on recent bids showing the last bid was $20K. Boy am I losing faith in honest marketing!

Posted: 09/07/2008 at 07:40AM

It may have been listed by the owner before it was foreclosed. That listing may still be lingering on the MLS. Third party listing, like Homes & Land (that's the little magazine, right?) may be even more out-of-date.

The HUD listing should be accurate. However, I know we have at least one wholesaler in our area who concentrates on HUDs. He gets them under contract, then offers them to his buyers list. He gets them under contract quite a bit under the offered price, then ads his assignment fee.

The company that managed HUD listings for CO (www.mcbreo.com) moves a property from the available listings to an accepted contracts list once they have accepted a contract. You can see the price they accepted, and all the other details on the property. HUD, in my experience, always has a lot of details, including the inspection, on their listings.