It used to be that Friday morning was a time to look over the new HUD Homes and see if there was a match for a client. The dates were clear. Owner occupants had ten days to bid on a HUD Home in Indiana. After that, bids from investors would be considered. So there was a certain time of the week (Monday afternoons) to review the remaining HUD Homes with investors. Now homes can go on the market any day of the week, so bidding deadlines can occur at any time.
There was one place to go to get information about HUD Homes in Indiana. Need the forms? HMBI had them. Need to know how to fill them out, how much earnest money is required, how many days to close? Again HMBI had that information on their site. Bid results? HMBI.
On one day, July 23, there were 262 new HUD Homes listed in Indiana. (This includes new listings, back on market and price reductions.) There were a total of 678 HUD Homes available. That was then.
Now there is a new site, hudhomestore.com. It shows 313 HUD Homes available in Indiana. (Displaying 10 at a time, Page 1 of 32 pages) That number will probably increase as HUD transitions to the new system. The site does have room for improvement. Click on your state and then click EXPORT TO EXCEL. Let me know what happens. You will get a spreadsheet, but it might be a completely different state.
There is one HUD Home in Hamilton County Indiana that was listed for $100,000 for about five weeks under the old system. Then they reduced the price to $90,000 and eventually accepted an offer from an investor for less than $70,000. Apparently it did not go through because it is now back on the market on hudhomestore.com to owner occupants for 30 days with a price of $100,000. So it will be another month before the likely buyer (an investor) will even be allowed to bid on this property.
Time will tell whether or not this new system is considered an improvement.
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