I crunched the numbers so you wouldn't have to. If you go to www.hudhomestore.com you can click "Bid Results" to get to accepted bids for properties that have gone under contract over the past 14 day.
The number that they show is the "net to HUD" which means that it's the number after deducting seller paid closing costs and real estate commissions. I took that "net" number and added back a 6% real estate commission to come up with a projected offer price.
My spreadsheet is below.
HUD doesn't make it easy. They don't provide the list price information and once they accept a bid the property becomes "invisible" on their site. So for each property, I then looked up the home in the FMLS to get the list price. That's one nice thing that has happened with HUD homes, just about all of them are now listed in the Atlanta FMLS. The bad thing about it is that the status in the FMLS is slow to be changed when they go under contract. So you still need to go to the www.hudhomestore.com site to get the status. If you plug in the number and don't find it there it means that it has an accepted contract on it.
The average sales price to list price ratio is 102%. The range is from 69% to 173%.
Owner occupants are buying 84% of the homes while investors are only getting 14%
Remember, there is an initial 30 day "exclusive" period where the homes are closed to investors. So be aware of this if you are an investor looking for a HUD foreclosure. Most of the homes are going to be gone before you ever get a chance to bid on them.
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