Is HUD-owned houses actually over-priced?
Taking into consideration the bad condition of the property and low-end neighborhood, I feel that HUD houses are actually over-priced. And compared to banks, HUD is harder to negotiate on price. It seems they won't accept any bid lower than 80% of their list prices.
Dispite that, however, most HUD houses are eventually sold! So I just wonder who eventually bought the HUD houses. Investors? Don't they follow the 50% and 2% rules?
Is this just my experience, or you experience the same thing in your local markets? Any experience to share?