02-08-2007, 05:14 AM
They have very little incentive to sell the home at a reasonable price. They typically require a level of work and investment that only makes sense for a pro rehabber that does the volume (or knows the tricks) to turn it around cheaply and sit on it while asking way too much. They've made sure you won't have a penny below market value invested in it once it's in move-in condition.
Make it a point to stop seeing this home as a "bargain" because it's a HUD home. It's more than you want to pay simply because they set the price too high. Doesn't matter what you offer, they'll counter with the price they've set, which is probably 3% or 5% below "list". There's a reason these things sit on the market for years. You can probably get a better deal on the MLS.
Make it a point to stop seeing this home as a "bargain" because it's a HUD home. It's more than you want to pay simply because they set the price too high. Doesn't matter what you offer, they'll counter with the price they've set, which is probably 3% or 5% below "list". There's a reason these things sit on the market for years. You can probably get a better deal on the MLS.