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One Response to “If a realtor is selling a HUD house, is the list price a definite?”

1. lumberman57 says:

   May 25, 2009 at 11:33 am

   A property inspector goes to the property and describes what is incorrect with it and fixes anything that is a safety issue. Then the appraiser goes out and does a second inspection and gives HUD an opinion of market value for a 90 sale. This is what it is listed at. HUD has a timetable and value guide they go from. They will not take much less than appraised value at first. The longer it is on the market, the less they will accept and most of the time will reduce the asking price. You have to find out how long it has been listed and if this was the original list price. Make a determination from there. HUD will allow multiple bids from the REALTOR, so place a low one in and the next day raise it a small.HUD doesn't care what the pay-off was. They are not in the market to have properties long term. They want them sold because they have 100's of 1,000's of homes coming on the market. I know all this as a fact.Be careful because the large amount of HUD homes coming on the market is going to make it hard to flip a home. All it will do is make some people a excellent first home. This will still impact the open market.

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