$246,000 Appraisal marked down to $185,000. We need contract in ASAP before Foreclosure. They even had a fax number on where to send the contract. Well I woke up today made a bunch of phone calls to local real estate agents. They all said it was true that the property was worth that much etc…
I drove about 35 minutes(sick fromt the flu i might add) to find out it was a piece of junk.
I started talking to the neighbors and they said that it was a HUD. the agent that sells the houses always has HUD properties and that, that house will not sell for over 190,000 even if it was beatiful which it was not.
What I am wondering is how I can prevent this in the future? How can I verify comps or just make sure the listing is not bogus(as this one was)
By the way, While in the transition from HUD and back to the market there were renters there. They sold Drugs from the house and had 2 Pit bulls that had Shi*ted all over the house. Im saying it was a waste of time.
There are agents here too that try to make a crummy property sound like a dream come true. That is just what they do to try to get HUD buyers. Learn that agents number and do not call it again. Some HUD’s may be great deals and some may be at market. Better to look before you leap in my opinion. If you look at 100 of those ads you will find some that will work for you.
You can validate the listing against the HUD listings for your area…go to www.hud.gov and follow the instructions to your state and your area.
Also, just because it is/is not a HUD, doesn’t mean that it is/is not a junker! Some homes listed in the open listings and thru the VA are junkers, too just as some HUD hoimes are decent!
On HUD properties, you don’t HAVE to go thru the listing agent, you can deal with any HUD-qualified agent. My normal agent is qualified to do HUD and VA homes.
