There are changes coming in the way HUD Homes are sold. HUD has recently awarded new contract that separate out the management and marketing functions into separate contracts. In Indiana this means that there could be six field services companies and three asset managers handling HUD Homes. Until July 31, HMBI will continue its function as the only M&M contractor in the state of Indiana operating out of its Chicago office.
In the past when there have been M&M contractor changes, there has typically been a period of transition time when limited numbers of HUD Homes were available on the market. Prior to HMBI, M&M companies covering Indiana were InTown Management Group and Golden Feather Realty. Each company has different policies in how they handle the sale of HUD Homes. With three different asset managers operating in Indiana at the same time, we might expect to see approaches that vary according to the company responsible.
What does this mean for HUD Home buyers? If you are wanting to purchase a HUD Home, everything should be the same until the end of July. I would be happy to work with buyers who are qualified and serious. Starting in August there is the possibility of limited availability of HUD Homes during the transition. We expect to know more in the coming weeks.