FHA Changes

For most of us who have been in the business for the last few years the FHA foreclosures otherwise known as HUD Homes/Condos have been a fairly scarce item due to the low number of FHA mortgages issued during the mid 2000’s. During that time up until late 2010 the FHA system remained very much the same other than a change in the management of the system, the system itself stayed fairly similar. Now came the HudHomeStore.com and the multiple asset managers managing the properties. The bidding system which often worked to get homes sold that were overpriced with fairly consistent price drops worked to move inventory. Now each asset manager has deadlines to meet to get properties sold sometimes at the peril of the market and any common sense.
Continue reading