&%$#(%&@%!!! HUD (Houseing Urban Development)

[OutHouse]

F*cking assholes! :| on Friday HUD put 3 houses in my neighborhood up for sale, one of them happens to be next door to me. So i called and asked what the asking price is and its 20K below what my neighbor paid for it 5 years ago. The same goes for the other 2 houses.

I know to buy a HUD home you have to bid on it, but priced that low there is no way they are going to sell for what my house and my other neigbors houses are appraised for.

If this happens me and my neighbors are going to be seriously upside down on our home mortage. Im so fricken pissed. :| :| :|

 

[JDrake]

:| Wow that would stink...

 

[mugs]

Wasn't there a story recently where a guy got in a fistfight with his neighbor because he priced his house too low?

Anyway, doesn't seem like it would make much difference unless you're planning on moving soon.

 

[waggy]

ouch. sucks for you

 

[Whoozyerdaddy]

A lowball sale might affect an immediate future appraisal of your home but in the long run it shouldn't matter that much.

 

[Pantoot]

Originally posted by: mugs
Wasn't there a story recently where a guy got in a fistfight with his neighbor because he priced his house too low?

Anyway, doesn't seem like it would make much difference unless you're planning on moving soon.

Not only that, but you could benefit if your property taxes are based on the value of the house.

 

[z0mb13]

Originally posted by: Pantoot

Originally posted by: mugs
Wasn't there a story recently where a guy got in a fistfight with his neighbor because he priced his house too low?

Anyway, doesn't seem like it would make much difference unless you're planning on moving soon.

Not only that, but you could benefit if your property taxes are based on the value of the house.

not if he was planning to do a HELOC...

bye bye equity!

 

[runzwithsizorz]

Originally posted by: Citrix
F*cking assholes! :| on Friday HUD put 3 houses in my neighborhood up for sale, one of them happens to be next door to me. So i called and asked what the asking price is and its 20K below what my neighbor paid for it 5 years ago. The same goes for the other 2 houses.

I know to buy a HUD home you have to bid on it, but priced that low there is no way they are going to sell for what my house and my other neigbors houses are appraised for.

If this happens me and my neighbors are going to be seriously upside down on our home mortage. Im so fricken pissed. :| :| :|

Just how close are the other two houses? If within 4 blocks, you'll need a big paddle for this up the creek journey. Kinda like a car dealer telling you your 2 year old car is only worth $2000 trade in, and you still owe $5000 on it! sorry guy

 

[Vette73]

Then why not go bid them up to a fair price. if they don;t go hig you win the house/s and then clean them up and sell them for a profit. Double win. your house value stays up and you make money.

 

[Pacfanweb]

You need to buy it. If you can get it that much below the market's actual value, you'll be sitting pretty in a few years.

 

[ponyo]

I would buy all three houses for sale if I knew it was selling for below fair value.

Sounds to me like your neighborhood is depreciating. HUD homes are generally priced pretty fairly.

 

[Slew Foot]

check out zillow.com and see what it thinks your homes are worth.

If housees are being bid on, then it shoudl reach a good value.

 

[91TTZ]

And they'll probably sell it to some welfare queen and her ghetto boyfriend. Enjoy your new neighbors!

 

[tnitsuj]

What kind of neighborhood is it? If there are three HUD homes in it at one time...something is going on.

 

[Mermaidman]

There was an 'investigation' by the local paper about sub-divisions with high foreclosure rates. These had many first-time and/or low-income buyers who were suckered by builders. Many eventually were foreclosed and the remaining owners ran into trouble when they either had to sell or refinance.

You should be OK if you're not selling or refinancing though, but I'm sure you're concerned about the future of your neighborhood?

 

[Aimster]

Originally posted by: Slew Foot
check out zillow.com and see what it thinks your homes are worth.

If housees are being bid on, then it shoudl reach a good value.

That site is crap

 

[OutHouse]

Originally posted by: Mermaidman
There was an 'investigation' by the local paper about sub-divisions with high foreclosure rates. These had many first-time and/or low-income buyers who were suckered by builders. Many eventually were foreclosed and the remaining owners ran into trouble when they either had to sell or refinance.

You should be OK if you're not selling or refinancing though, but I'm sure you're concerned about the future of your neighborhood?

my neighbor across the street has has his house on the market for 3 months and aking 120K for it and is smaller than the HUD home next door. I went over yesterday to tell him and i swear he was going to pop. If this crap happens me and him and prob our other neighbors will be upside down on our mortage because our equity just got flushed down the toilet.

 

[Armitage]

Is this how the bubble starts to pop?

 

[mercanucaribe]

Didn't HUD create urban decay in the early and mid 1900s? They are at it again.

 

[FoBoT]

is this an indicator of a bubble bursting?

 

[LukFilm]

On the other hand, I bought my current house for just 3.5% more than the guy before me paid for the house FIVE YEARS AGO

 

[waggy]

Originally posted by: Slew Foot
check out zillow.com and see what it thinks your homes are worth.

If housees are being bid on, then it shoudl reach a good value.

while zillow may be great in time. Right now it is worthless. it is so far off in many areas (saying a 200k house is worht a million and vice-versa) that it is not reliable.

Orginally posted by Mermaidman: There was an 'investigation' by the local paper about sub-divisions with high foreclosure rates. These had many first-time and/or low-income buyers who were suckered by builders. Many eventually were foreclosed and the remaining owners ran into trouble when they either had to sell or refinance.

Yeah they did a story about that here too. They were giving first time low income buyers loans wich they could not afford. by either having it start with low intrest then go to high or having loans where if they missed a payment in the first few years they could forclose etc. many of them went up for forclosure.

 

[woowoo]

Originally posted by: Naustica

Sounds to me like your neighborhood is depreciating. HUD homes are generally priced pretty fairly.

Agreed

 

[JDrake]

Typo in thread title (houseing)

 

[everman]

If it's priced way under market value, then that's your opportunity to make a quick 20k.