HUD Properties/HUD offer


I have placed an offer to buy a HUD listing at a price that is a little bit below the asking. Asking: $117,000.    HUD presents this listing as a property that has been appraised at $130,000. They had it on the market at that price for about 5 months.  The reports (from the original marketing date) say that the roof is in good condition. However the entire west end of the house now shows water & mold damage (inside on the sheet rock), which apparently was not there when it was originally put on the market).
The intermediary people say that HUD does not respond to their reports of the damage.
Since these homes are sold "As is" , I wonder if you have any advice for me. If I raise my offer to what they are asking, I feel that I will end up buying a home with possibly thousands of dollars of necessary repairs, possibly having to put in more $ than the house is worth.
Is this the usual way HUD operates?

Sorry for the delay in answering this question.  I was out of the country.

HUD is a huge organization and often one hand doesn't know what the other is doing.  As a result things like this happen.  I would not go ahead with any offer if there is damage that they are not responding to.

There are plenty of bank owned homes out there where the banks do respond to issues.  Frankly HUD is a distant second choice for bank owned homes in my professional opinion.


HUD Properties

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Steele V. Propp


I can answer most foreclosure related questions. Buying, selling, the process of foreclosure, Loss Mitigation, Short Sales, etc. Both for HUD and VA homes as well as conventional foreclosures. I work 100% in the Foreclosure arena, dividing my time equally between consumers going through foreclosure, people interested in buying foreclosures (investors and those looking for a home of their own for lesser cost), and with the lenders doing foreclosures. This unique three prong approach allows me to see all three sides of the typical foreclosure scenario. Our goal is to offer advice and create a win-win-win situation.


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