So I have decided to branch out just a bit and write few non back linking oriented blogs. I have information on certain topics and some opinions as well. This will also help keep this site interesting. I do see blogs that don't relate to my local market but they are interesting.
This blog is mainly for those of you that sell HUD foreclosures to your buyers. I happen to be one of them. I was shocked the other day when I signed onto mcbreo.com which has been the main HUD foreclosure home seller for years. It has been a mainstay.
Well it looks like they got canned. There really isn't any sugar coating. They are out. All of the deals are now getting listed at hudhomestore.com. I am not sure if we need new HUD keys. I am also not sure why this all happened. Let's face it the government is not hard to please and they overpay for everything. I am not sure how one goes about blowing a deal like they had for so many years.
Life goes on except for one small detail, they cut our max commission!!!!! Yes so instead of being able to make 5% as the buyers agent we are now maxed at 3%. Someone reminded me that it is better than the average 2.5% that short sale agents are trying to dump on some of us. So we will have to adjust.
Lastly, remember that if you bid for your clients in my experience HUD should take about 80% of the as is appraised value for the net price. Just be sure to factor ALL of the fees and commission in that net amount. Good luck. What the heck here are a few back links. I couldn't resist. :)
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