Why Is this House Available?

[Jason Merchey]

I went to see a house with a Realtor yesterday. He works with a number of investors I understand. The property has been on the MLS as a HUD home for 45 days. It's a real dump - going for $20k. He believes that it would take probably $30k to rehab it. The possibility of getting a family in there using a Section 8 voucher for $800 a month is good - well except for the fact that Section 8 is currently having budget difficulties. But suffice it to say, it's a good deal. What are some thoughts on why it hasn't been taken yet? I hear that this is the kind of marketplace where investors clamor to get certain houses - multiple offers, crowded foreclosure sales, etc. I think there is money in this house, though probably four months out, so I am a little intimidated that no one else seems to have thought so too... What are your ideas on why?