HUD foreclosed properties are already a fantastic purchase for the buyer but even more so when it comes to what is known as "aged inventory".
Portland, OR (PRWEB) December 28, 2011
The Department of Housing and Urban Development, also known as the HUD has recently released an aged inventory list. HUD properties are properties that have gone through the foreclosure process, in some cases previous owners did not maintain home repairs or severely neglected the property and so this is the stigma attached to them. However, it is important to acknowledge that not all HUD properties require restoration and most are in excellent condition. All are considered distressed by nature of the financial loss and loss of value as a result of the foreclosure process.
When a property is acquired after a foreclosure action on an FHA-insured mortgage HUD takes over the property as the new owner and then sells it to a buyer in an attempt to recover the value lost during the foreclosure process. Properties are listed with qualified agents such as John Velez of Keller Williams Realty, a Local Listing Broker. These experienced brokers have been contracted by highly experienced Asset Management Companies such as Pemco LTD who are awarded contracts by HUD to manage the disposition and sell these foreclosed homes. HUD homes go through an extensive evaluation and are priced to sell in their as-is condition. They are priced initially according to an FHA standard appraisal commissioned by HUD and initially available only to owner-occupant purchasers (people who are buying the home as their primary residence). Following the priority period for owner occupants, unsold properties become available to all buyers, including investors. Over time, because HUD is a serious seller, the price can be reduced significantly on homes which have been available for purchase but for one reason or another, have not sold. Most home buyers want a home that is move-in ready. This is why homes that need cosmetic repair can be a much better bargain. There are simply fewer people willing to take advantage of this opportunity.
HUD foreclosed properties are already a fantastic purchase for the buyer but even more so when it comes to what is known as "aged inventory". This is when a HUD home has been on the market for at least 90 days as HUD will accept the first best offer and most of these properties are far below market value.
For a list of HUD properties or aged inventory contact John Velez at info(at)soldinoregon(dot)com, (503) 625-0284 or visit http://www.hudpemco.com to see all the homes available for purchase. HUD also has a list of their current homes available for purchase at http://www.hudhomestore.com.