All Forum Posts by: Steven Ekenstedt

Do i need to be wary of houses that have been on the market for 2+ years and have dropped the asking price by 40+ % in that 2 year time period? Its been listed and taken off the market at least 3 times. It also shows that it was put on auction before it was put on the market. I assumed someone just bought it super cheap and thought they could do quick resell without any work on it because it needs quite a lot of work. Is this likely or am i way off? i realize that every instance is different, just looking for general ideas or things to look for.

steve

@Greg H. 

Oh ok the house i was asking about earlier was listed on the GNND website. I did notice that there were only 2 houses in the Eastern half of the state that were listed. Thanks for all the information, i was trying to get info on the program and HUD stuff in general and the wording they use on some of the descriptions seem vague an unclear. I appreciate your time.

I appreciate the info guys. Greg you are right according to zillow (I know they are wrong about a lot of things) it was listed on Auction.com, and sold for an undisclosed amount. I do know the property was purchased for 122k in 2008 and that was the loan that was foreclosed on. The appraisal point you make is interesting because the property is in a small town and is next to a really nice 350k property.

I have a question on a different topic if you guys have knowledge of it. My wife is a teacher and I found the Good Neighbor Next Door program that HUD offers. My question is this, can we buy a home with that program if she works in a neighboring community or no? The wording of the requirements is about as clear as mud.

Steve

I am a new member with a question.

I am looking a Hud homes in Northern Wisconsin and I saw a house that was listed at auction for 76k was bought and is now listed as a hud home for 170k... it has a fairly substantial mold problem. It was purchased in 2008 for 122k and foreclosed in 2019. The assessed value was went down a couple years ago which I assumed was due to the mold issue or state of disrepair. How can a seller justify a near 100k price increase over auction when it appears nothing has been done to the property?