I've been consistently going by a house while driving for dollars that's been pretty rundown. Upon my research I saw its owner is listed as "John Smith Est". Upon further research I discovered HUD took back the house from JP Morgan Chase after the owner died for the amount of 129,000 (when it was last purchased for 33k). I went to Hudhomestore to see if it's listed, which it's not. Is anyone aware of a way, or process to attempt to acquire the house before it goes on the website? I'm also wondering why it may not have been put on yet... is it possible HUD is holding onto it until property values rise enough to recoup their loss? A relatively nice home in that area goes for a little less then that 129k, so there's no way I would pay anywhere even close to that... It probably needs close to 50k worth of work.
It sounds like the property has already went through all the foreclosure channels. It will most likely be listed when HUD gets around to it- they tend to move at their own speed. In some cases- the HUD agents in your area may have the property in a "pre-market" status so it may be worth searching who handles a majority of HUD properties in that area and reaching out. Most likely though you will have to wait until it hits on the HUD website.
HUD will not sell or even talk about selling without it being listed by an agent.
Based on the info you provided, it sounds like it may have been an FHA Reverse Mortgage as opposed to a straight FHA. These fall under a different category and I have seen some not appear on Hudhomestore.com at all. Saying that, there are more stringent rules as far as sales price and are seldom "deals"
The general answer is.... FHA loan foreclosure will appear on Hudhomestore.com is the loan is transferred to FHA from the lender and you will have no opportunity to purchase before it is listed. Occasionally, the lender will try to sell on sites like Auction.com before they transfer to HUD but in my experience the reserves have been to high and it is more beneficial to wait but that is in my areas
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