HUD home prices

[Ryan K.]

Curious to know everyone's experience with how much HUD homes typically end up selling for in their local market, both for owner/occupants and investors? Are they selling for close to the asking/appraised value? or less or more?

I'm looking at a house that just got listed, I plan to occupy it for the minimum 1 yr, it's listed as IE - Insurable w/ escrow. Have 10 day exclusive period for OO.

[Dante Pirouz]

Not sure if this is true for your area but I have purchased 3 HUD properties in northeastern Michigan and have found that, especially for properties that have been listed for quite a while, they are at least 50% below the most conservative comparable. That's why I like HUD more than Homepath/Fannie Mae properties which are usually much closer to retail prices. Hope that helps!