I appreciate that Greg. I understand and have read through many of the program offerings to non-profits. I can see how these programs for non-profits can be beneficial to communities needing substantial rehabbing. SLC is not one of those markets.
Properties should be made available to the public first. After all, we are subsidizing any losses on these homes. It is also in their guidelines.
https://www.google.com/url?q=https://www.hud.gov/s...
From what I've researched so far, it isn't a small percentage being offered to non-profits, it is the majority. In fact, the listing agent said he almost never lists HUD homes on the MLS, they just email out lists the non-profits to bid on.
I understand non-owner occupant investors being held at bay or bidding, but an owner occupant tax payer shouldn't have to wait for these homes to be rehabbed before having a chance to purchase.
Let's face it, these non-profits are turning a profit, they are selling their properties at market value but paying cents on the dollar. They could pay their ceo 30k in bonuses for each property sold and still claim non-profit status. They should be placed in line behind owner occupants in bidding.
Regardless of how directly involved a local hud office is, they should be willing to offer whatever information they can. The local employee told me that I had no business knowing who he reports to and hung up on me.
I also get that it is more than just setting up a 501(c)3 to be able to bid. I've read the process. I'm not in a place to do that yet, but it may be an option when I have more resources and time to put it together. That, unfortunately, may be the only way to level the playing field.
