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HUD Homes Relisted-Back again

Posted by Mike Parsons
July 05, 2007 at 09:07 PM

In case anyone was wondering where HUD properties had gone they are back. Due to a change in the national management company they have been on hold until the new system was up and running. The new website to view HUD homes is http://www.clfres.com. For whatever reason, there has been a trend in all foreclosure resales to price them pretty close to market value. HUD is no exception. The appraised value in relationship to the retail value of these homes have seemed go up across the board while house values in general have declined or slowed across the board. Apparently there are enough nit wits out there buying homes that need $30,000 worth of work for $10,000 under retail value. Doesn't make since.

Some other changes include a slightly shorter closing time allowance, from 60 days to 45 days. Also, there is now an actual written inspection contingency in the contract where before you where buying on faith. There are still some good deals out there for the buyer who is not afraid to pull the trigger. If anyone has any HUD questions feel free to write or call and I will be glad to help!

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