Posted by jdemaris on October 15, 2010 at 07:23:00 from (67.142.130.17):
In Reply to: OT- HUD home posted by coloken on October 15, 2010 at 06:05:51:
Here in my area, there have been some great deals through HUD. Main problem for some though is that most require residency. That is, you can't buy a house and not live in it.
Three recent examples.
#1 Small farm near me. 30 acres, two barns and old farm-house. Had a $120,000 mortgage against it when it was foreclosed on and taken over by HUD. I would of bought it but could not move in to meet the residency requirement. Local guy bought it for $24,000 and now lives in it. At that time, the Town wanted to buy it to mine gravel and offered HUD $60,000 and the offer was refused because of the residency requirement. Since then, now four years later, the new owner sold off a five acre piece (gravel site) to the Town for $90,000. He made out like a bandit! Parcel was appraised for $10,000.
#2 example is my daughter's house. It was foreclosed on with a $95,000 mortgage against it. She bought it from HUD for $48,000 and . . . they arranged to install a new roof, insulation, and a new heating system - ALL at no charge to my daughter. They also arranged to get her a "free" $5000 down payment (not a loan). But, she must keep living there for X amount of years or she will owe money. Yes, it is a complete rip-off to taxpayers, but it IS a good deal for her.
#3 example - HUD house I bought in northern Michigan. This had NO residency requirement and was offerered strictly "as-is." House had previously had a $90,000 mortgage against it. Farmhouse, two nice polebarns and 5 acres of woods. I bought it for $28,000. Yes, it was trashed, but that is what I wanted. Since I'm not living there, my property taxes are doubled. But, since the house was trashed, I proved it in court (Michigan Tax Tribunal), and got the taxes cut by 2/3. Now, it's cheap to hold on to and I am fixing it up slowly.
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