No HUD sales... for how long?

[Chris Martin]

Since we can't bid on HUD properties for the time being (in NC, SC, IL, IN, VA, WV) does anyone know when HUD sales will be back in business? All HUD properties were withdrawn, because of a change in the asset manager/broadband broker-- not a systemic foreclosure process failure. Listings in Alaska, Idaho, Oregon, and Washington are apparently also pulled.

See also http://www.hmbiweb.com/ press releases. They reference http://www.HUDHomeStore.com for further assistance, but this site only has a few listings, not like HMBI that had 2100 new listings in NC and SC in September alone.

[Chris Martin]

Brokers need to re-register with HUD. Insurable (type IN and IE) Owner Occupant periods have changed to a 30 day exclusive listing period rather than the old 10 day period. Possibly good news for UI buyers. UI properties now have a 5 day exclusive Owner Occupant period. After the 5 day exclusive bid period, investors can bid if no OO offer was accepted. Looks like most of the rest of the process is similar. In my area, Asset Managers can also update listings daily vs. weekly with HMB. I think this change is universal. New listing volumes are very low still. Maybe this will change after the new year.