Who uses Hudhomestore.com?

Question

Actually just found out about Hudhomestore.com. I’m not sure what the criteria is for a property to be listed on the site (looks like it’s simply an REO listing site).  Question is, why would it only show 20 listings for the entire state of Arkansas? I know for a fact there’s way more REO’s than that within 5 miles of me. What am I missing?

Elbert D. · Answer

HUD is such a pain to deal with at times. Not only does the 15 day window exist for owner occupied people...they also require EMD within 48 hours .Or your offer is rejected.  So you have 48 hours to do all your D.D. and thats if your offer is accepted. Me personally what I noticed now HUD overprice these properties knowing someone will put a offer on it. If its in a very desirable area they are pretty much licking their chops knowing there will be high demand for it and someone is going be paying more than the asking price. Thats with the asking price being overpriced...

I once went to a HUD property in Chicago suburbs and I seen it needed 75k in rehab and the listing price was 99k. The comps also didnt come back very well on it....but hey....if you can manage to find a good property on HUD after all D.D. is done and it appears to be a good deal  go for it.

Greg H. · Answer

Hud Homestore is the official site for all FHA foreclosures own by the Secretary of Housing and Urban Development(HUD).   All active HUD homes will be listed on this site and an HUD approved agent is required to make offers

Lynnette E. · Answer

@Marshall Mothershead I am in Crossville TN, Cumberland County, Middle TN, but right on the edge of Eastern TN.

Marshall Mothershead · Answer

@Lynnette E.

That makes sense. Forgive my ignorance. I just happened to see a video somewhere of someone searching their COUNTY on the site and came up with over 500 results, then I searched my STATE and produced 20. I should have known it would be too good to be true.

By the way, what part of TN are you in?

Marshall Mothershead · Answer

@Ray Fisher

Higginson AR!?! I used to work around that area a lot a few years ago, small world... so it appears the hudhomestore isn’t the cherry picking goldmine I thought it would be.. bummer

Lynnette E. · Answer

They are not just REO.  Those are owned by HUD itself.  HUD will decide how to market an asset they acquire.  Sometimes they choose that pathway.  I think that often it is to allow the officer next door, etc.  programs to have homes to choose from.

Ray Fisher · Answer

HI Marshal,

Hud home store is just one of many foreclosure sites, We started there many years ago, bought a lot early from there. Today cant find many that meet my criteria on there. Now everyone seems to use it , have to wait 15 days before investors buy and it has become a bidding war. I looking for a investment, not a reason for bankruptcy.

about every lender, mortage company, etc ..has a reo division, most of the deal are made before they ever reach the hud  reo market.