A few days ago HUD held a webinar for real estate brokers outlining some of the change to HUD Home sales procedures that would be occurring in coming weeks. It appears that these changes are in process. HMBI, the current marketing and management contractor for several states (including Indiana) has placed quite a few HUD Homes on the market in the last few months, but the quantity appears to be dropping.
In Indiana, there are currently 593 HUD Homes available. Of these 127 have a list date of 9/10/10. Last week that number was 200. About six weeks ago, that number was 262. So things appear to be winding down for the homes being marketed by HMBI. Soon there will be three different asset management companies assuming responsiblities for marketing HUD Homes in Indiana. HUD has established a new website, hudhomestore.com that will display all HUD Homes available in the entire country.
For home buyers interested in Indianapolis HUD Homes, here is some data about homes available locally. (This includes zip codes starting with 460, 461 and 462.) This is essentially the counties surrounding Indianapolis. The area around Indianapolis includes 216 active HUD Homes. Of these:
- 188 are eligible for FHA mortgages
- 89 are at a reduced price where list price is below the appraisal
- 38 have 4 or more bedrooms
- 47 have 2000 or more square feet of living area
- 60 are built in 2000 or later
- The oldest home is built in 1862; there are two built in 2008 (both in Greenwood)
- Prices range from $6,750 to $180,000
- 17 are located in Hamilton County or Boone County
Indianapolis area HUD Homes are available in a variety is sizes, ages and price ranges. Many of these are price below appraisal, and HUD will consider offers at less than the appraisal on all of their homes. For now, there is still a $100 down payment program for owner-occupant purchasers of certain HUD Homes. We do not know how long that will remain available.
If you are interested in an Indianapolis HUD Home (or surrounding area) contact me on my direct number 317-709-2537 for a current list. With the possiblity of purchasing a home below appraisal, an ultra-low down payment and the current amazingly low interest rates, these homes may be the opportunity to get into a super-affordable home.
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