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HUDPEMCO Destroying Pricing

hudhomestore.com

One-by-one foreclosed homes are being sold below market value and destroying the underlining value of home sales!
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April 03 2011 - US
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They have the homes appraised and them list them at the appraised value.
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April 03 2011
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That all depends on your perspective. If a house sold for $68,000 in 1998 and we have had about 35% inflation since then what should its value be?

Should it be the $250+k that it sold for in 2006? Should it be at the $170k it is selling for now? Or should it be about $92k as inflation adjusted prices suggest?

When an asset class such as housing gets overpriced no one should be surprised when prices fall. It is not HUD doing this. It is simple market forces at work. No easy money and almost unlimited lending mean prices are becoming more realistic now.
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April 03 2011
Sorry to say that what they sell for IS market value.  Do not blame anybody but the economy, lenders, glutenous buyer, etc....   
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April 04 2011
Buyers can always start bidding higher. I wouldn't be pointing fingers on this one, a home is only worth what someone is willing to pay for them. These homes aren't normally in prestine condition or anything, often fair at best.
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April 04 2011
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True. I recently purchased a home from HUD. It was not such a deal either. I chose the 18 month old foreclosure home instead of the same builder new home so I could get into the home right away.  Hud left the home with electrical back yard Hot Tub wiring and plumbing exposed, partial missing drywall and missing insulation in the garage (illegal in Indiana). This home was a model and the garage was an office, so I am sure that the drywall and insulation was stolen sometime during HUD's ownership. 

The BIG problem was that PEMCO refused to pay for customary SELLER closing costs. Worse yet, they ordered paperwork from the Home Owner Association and refused to pay the $140.00 cost for something they ordered. I got stuck with that cost also. Almost $2,000.00 in additional closing cost that should have been paid for by HUD. There was "NO DISCLOSURE" in a timely manner or before sitting at the closing table. My "realtor" stated that she tried to reach me earlier that day and couldn't (LIES). Hopefully my complaint to the Attorney General's office will lose them all their licenses. SKS
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October 23 2013
 
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