Transition plan for remaining HUD Homes

October 13, 2010

As of 10/13/10, all remaining HUD Homes in Indiana being marketed through HMBI will have a 15 day bid period.  On 10/28/10 all bids will be opened and evaluated.  Unlike the old system where bid results are posted on the afternoon of the next business day, they expect that results will be delayed by a few days.  There are expected to be about 170 homes in Indiana that will be subject to this 15 day bidding period.

Listings will continue to be posted under the new selling system.  There are currently 8 homes listed under the new system.  Those can be found at hudhomestore.com.  The majority of HUD Homes under the new system will have a 30 day owner-occupant priority period.

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Big Changes – The transition is underway

September 20, 2010

On Sept. 17, for the first Friday in years, there were no new HUD listings.  HUD is phasing out the present contractor, HMBI and will be working with new companies moving forward.  So what does this mean for the home buyer?  Here are several things to note:

  • HMBI is still responsible for the sale of remaining homes.  As of Monday Sept. 20, there were 461 homes for sale in Indiana.  After bids results are posted in the afternoon, ALL homes will be available for bidding by investors as well as owner-occupants.
  • When the new listings begin with the new contractors, owner occupant priority will increase to 30 days for homes eligible for FHA Financing. (Categories IN and IE)
  • When the new listings begin, owner occupant priority period will decrease to 5 days for HUD Homes that are not eligible for FHA financing. (Category UI)
  • Homes will be able to be listed any day of the week.  Homes will no longer just be listed on Fridays.
  • Information about all HUD Homes in the country will be on a new website, hudhomestore.com

We can supply you information about the remaining HUD Homes available in the state of Indiana.  With the new system, it will be a learning process for everybody involved.  For more information you can call my direct number at 317-709-2537.  We are a brokerage registered to sell HUD Homes, but we and this site are not in any way affiliated with any government agency.


200 New HUD Listings 9/3

September 3, 2010

There are 200 HUD Homes listed with a list date of 9/3 in the state of Indiana.  Of those, 121 have a list price that has been reduced from the appraised price.  If you are interested in an Indianapolis foreclosure or HUD Home, you really need to review these HUD Homes.  There are quite a few newer homes located in Hamilton and Johnson Counties.  Of course there are HUD Homes available all over the Indianapolis area.

HUD will be announcing some changes this week, so we expect that they will be transitioning to some new sales procedures.  To get information about HUD Homes that are available NOW, please contact me on my direct number 317-709-2537.


Indianapolis HUD Homes update August 13, 2010

August 14, 2010

Indiana continues to have a plentiful quantity of HUD Homes. As of 8/13/2010 there were about 650 HUD Homes available throughout the state.  Of these over 400 showed a list date of 8/6 or 8/13 and are only available for owner-occupants.  After ten days bids from investor-buyers would be considered if the property is still available.

Here is a list of HUD Homes in the Indianapolis area built 1990 or later:  List of Indianapolis Area HUD Homes

Of the 228 Indiana HUD Homes with a list date of 8/13

  • 108 had a list price less than the appraisal.
  • 46 were built 1990 or later
  • 40 homes had 4 or more bedrooms

Indianapolis foreclosure buyers – take a look at HUD Homes

July 31, 2010

Many buyers are looking for a great deal on an Indianapolis foreclosure.  While the reality might not be as optimistic as the cable tv shows make it appear, there are some great buys out there.  With HUD Homes, you go into the home with some basic information: a price based on an appraisal, a property condition report and basic data about the home.  There is a bidding process in which the high bidder is awarded the property so long as it meets HUD’s minimum bid requirements.  (Often banks will throw out all bids and ask for a “highest and best”  after you have made your offer.)

But one of the biggest advantages of Indianapolis HUD Homes over typical Indianapolis foreclosures is that owner-occupants are given priority consideration.  In fact for the first ten days after a HUD Home is listed, they do not even consider offers from investors, even if the offers are higher.  And can you buy for less than appraisal?  Absolutely!!  In fact as of late July 2010, about 44% of the HUD Homes listed in Indiana had a list price below the appraisal.

Call me on my direct number at 317-709-2537 for more information.  You can see a recent list of selected Indianapolis area HUD Homes here.


HUD Forms – Why don’t they do it like you do it?

July 23, 2010

I was talking to an agent from another area.  His team had recently gotten a bid accepted for a client.  But he said that putting together the forms was a chore.  I told him to take a look at my website and click on FORMS.  All of the forms needed for Indiana HUD Home bidding are right there in one PDF file.  And there is a checklist showing the list of forms and the current dates for each form.

The section on FORMS is there for your convenience.  Don’t you love it when you put a bid on a home and the agent shoves page after page of forms for you to sign?  OK – go there now.  Print out the forms (a 14 page PDF file) and look them over.  You have time to review those forms in advance.

Now for the answer to my friend’s question.  I don’t know why they don’t forms the way I do.  My clients who buy Indianapolis HUD Homes get those forms in an easy one file format with a checklist.


HUD Listings as of 7/2/2010

July 2, 2010

As a service for the convenience our clients, we have prepared a list of HUD Homes in Central Indiana built 1985 and later.  This three page list is sorted in zip code order.  I think that you will find it to be a very useful tool in seeing what HUD Homes are available in Indianapolis and surrounding counties.  Remember that owner occupants get priority for bidding on new HUD Listings.

List of Selected Indianapolis Area HUD Homes

Why should somebody considering Indianapolis foreclosures also look at HUD Homes?

  1. Bidding priority for owner-occupants
  2. You bid by the deadline and get the result by the close of the next business day.  (No waiting and waiting like the banks make you do.)
  3. Property condition report is available for each listing.  You still should get a property inspection, but at least HUD does disclose what they are aware of.
  4. Banks like offers with no inspection contingency.  HUD encourages you to get an inspection.
  5. With HUD Homes, you know whether or not the home should qualify for FHA financing.
  6. Special incentives for owner-occupants, like closing costs paid and VERY low down payments.
  7. Banks like cash offers.  HUD does not give any priority to cash over normal people who get a mortgage to fund their home purchase.

For information about HUD Homes in Central Indiana, contact Dan Rosenberger at Harvest Realty.  You can reach him on his direct number: 317-709-2537