HUD Guidelines? Truth or BS?

[Arthur Fuller II]

I recently came across a burn out on the mls... the asking price is $355k. I hopped onto propertyradar and found out that it is owned by FNMA. So I sent an email to the listing agent offering to purchase the property for around $180k. His response was that this house was underHUD guidelines and the price is firm at $355k.

I am very new to this so I'm just wondering if this is true? And if it is true who's going to buy a burned out property for that price when homes that have been rehabbed in the area are going for $400k tops?

[Greg H.]

Based on your info it would appear that the loan foreclosed on was a reverse mortgage so it will be subject to Hud guideline CFR206.125 which basically means it will have to be sold for full price for the first 180 days