RealTown's BlogTalk

I have been working with some buyers recently who have made offers (substantially higher than the asking price) on government owned properties. They have lost out in every case. I am wondering if you are experiencing the same thing. If so, would you be willing to share your story. Please be sure to get permission from your Buyer before forwarding anything to me. I am planning on using this as a lobbying effort to try and change the way some government owned properties are sold.

Thanks,

Pat Olian, Broker Associate, CRS, GRI, ABR, Epro

www.FortCollinsLoveland.com

pato@remax.net

I am a certified HUD Broker and sell HUD (Govt,) properties. Owner Occupants are given the first 10 days a property comes on the market to bid on it. That is very fair. If no bid is accepted it then becomes available to Investors. I think that the HUD electronic method of bidding is the fairest and most efficient method I have found. It is a clean cut sale. The REOs are a mess to deal with. If the properties are being over-bid, it is because the market is turning. The Owner/Occupant has the same ability to over-bid during the first 10 days. Jody Hood

Judy,

The reason I am asking this question is because these are government owned properties, not HUD, and there is no preference given to the Owner Occupant. I would like to see it be treated the same was as HUD treats it. So, I am looking for other stories similar to mine, that demonstrate the difficulty first time buyers, or other owner occupants are facing when forced to compete with investors.

Pat

I have 3 HUD properties in escrow right now and all were over-bid by Owner/Occupants. Not Investors. Investors tend to low-ball their offers, I think. They really don't care if they get the property or not. If a buyer really wants to buy the property and win the bid, he/she is willing to over-bid in order to get it.

Jody Hood, Broker

San Diego

760-942-9224

JodyHoodRealEstate.com

Joay Hood Real Estate