New content, updated design

HUDHomeValue.com now has a couple great new features. The first, and most significant, is the housing market analysis tool. This tool will pull current and historical data about HUD home sales in the selected county and compare it to national averages. Just click here to see the market analysis in action..

The search function has also been made much faster. Just type in the city, zip, county and/or state, as well as house properties to see matching houses.

There’s also a new quick search tool that will let you browse through properties quickly.

Once you head over to the property page, you will find that the information is organized in neater, and clearer manner.

Thanks for using HUDHomeValue.com for information about homes that the United States Department of Housing and Urban Development has for sale.

New Year, New Name – HUDHomeValue.com

Hi everyone! It’s a new year and we have a new name, HUDHomeValue.com. That reflects what most people come to us for – to find out the value of HUD Homes. Not only can you find the HUD house that you are looking for, but you can also get a statistical analysis of what the value is. So, update your book marks and make links to the new page!

(In case you care, there were some lawyers and stuff involved with the old name. Since this website is a free public service for finding information about HUD’s foreclosed houses, I went along with what the lawyers said and created a new name. So, if the quantity of lawyers in America frustrate you, you can express your frustration by helping me out and creating links to this new domain. OK, that won’t help your frustration, but it will help people find this website. Also, if you love this website – and I know you do – linking to it is the way you let Google know that you’re voting for it. If you want to write me a note about lawyers, you can go to the contact us page. I’m always happy to know that people are reading what I write!)

Rent estimates now on HUDHomeValue.com

We have now added data about HUD’s fair market rent to our home listings. HUD publishes a database of what they consider fair market rent based on location and number of bedrooms. This information may prove useful if you are investing in properties to put on the rental market. However, this data does not include the nuances of neighborhood and house condition. Each home listing also includes a link to Zillow’s information page and Zillow often includes a “Rent zEstimate”, which is Zillow’s algorithmically determined fair market rent for that particular home. I hope this information proves useful to you!

Find real estate agents on HUDHomeValue.com

To buy a HUD home you need a real estate agent. Those are HUD’s rules. HUD will only accept bids from real estate agents that are registered with them. If you already have an agent, it’s easy for the agent to register. If you don’t have an agent, it might be wise to go with an agency that closes a lot of HUD deals, since they will know the process best. That’s where HUDHomeValue.com comes in. We look through the list of agents that closed deals on HUD’s website and then we publish that information. Then you can seek out that agent and move along towards purchasing the property.

So, now every listing on our website will have a link that says Click here to find a local real estate agent who deals with HUD. If you click that link, it will give you a list of local agents. To see what such a list looks like, here is a list of the top agents who close HUD deals in Wake County, North Carolina.

New HUDHomeValue.com features

There are some new features up on HUDHomeValue.com now. The most important feature is the HUD Home Estimated Bid. We’ve always had bid statistics so you could compute the approximate ideal bid by hand. Now we have taken those statistics and matched them to each house so you don’t have to run the numbers by hand. How do you get this information? Do any search you want at HUDHomeValue.com and click on a house that you are interested in. Next to the asking price, you will see a link that says “Click here to see our esimate for how much you should bid”. Click that link. When you click the link, a new page will load that will show you our best estimated bid based on actual statistics from comparable sold HUD homes in the same area. It will also show you have we arrived at the numbers. The number will update daily based on the number of days on the market. It will also update as HUD updates its asking price.

Now, of course, it’s disclaimer time. The best bid is a computer generated number based on the publicly published statistics that HUD puts out there. HUD is run by humans, but by our calculations. So, HUD may accept a price much lower than the given estimate or they may only accept bids that are much higher. So, we aren’t liable in any way for anything resulting from use of our website, including these estimated bids. We sure hope they prove useful. But you have to decide for yourself what to do with the information.

We also added a couple of links to each HUD Home page that allows you to easily find more houses in the area. To the right of the address, there are now links for find more houses in the same town/city or in the same county.

Happy HUD House Hunting. If you have any suggestions, please click here to contact us. We love to hear from you. If our website has proven useful to you, please tell your friends, social networking buddies, and forum contacts about the website. The more people who are interested, the better we can make the site based on your feedback.

Most popular houses for July, 2012

Here are some of the most popular houses on our website for July, 2012.

463 Deep South Road
Senoia, GA, 30276

1904 NW 172nd St
Oklahoma City, OK, 73012

54 Kraemer
Tijeras, NM, 87059

3850 S Swan Terr
Homosassa, FL, 34448

9740 Kingsbury Rd
Delton, MI, 49046

169 Split Rail Ln
Rustburg, VA, 24588

5067 S Cat Mountain Road
Tucson, AZ, 85746

We get lots of searches in Georgia, Michigan, Texas and North Carolina.

Subscribe to searches

Do you want to get updates about new HUD homes in your area via e-mail? Now you can! You can now subscribe to any search via e-mail. Go to HUDHomevalue.com, type your search, and then enter your e-mail address into the box and that top and click “Subscribe to this search”. Then verify your e-mail address and you will start getting daily updates about the search if there’s anything to report. You can subscribe to as many different searches as you like, and you can unsubscribe from any search at any time.

Thank you for your continued support of HUDHomeValue.com!

How much should I bid for a HUD house?

The question of how much to bid for a HUD-owned house is a good one. On the one hand, you don’t want to bid too much and waste money. On the other hand, you don’t want to bid so low that you get repeatedly rejected and waste time. Now, there isn’t a single magical formula that tells you what to bid for a HUD house. However, we have data on this website that should help inform your bid amount. HUD publishes the bid amounts (“net to HUD”) on their website. That’s the amount of money they get after all their commissions, concessions, and other fees that they have to pay. So, if you keep records of what HUD had on the market, you can do a market-by-market analysis of what to pay for a HUD house.

And, as you might expect with something as local as real estate, what you should bid depends highly on the market.

To do your own analysis of the market you are interested in, you can go to:

http://hudhomevalue.com/bidstatistics.php

Here are some samples of information you can get. For example, if you are interested in a house in Detroit, MI, which is one of the most inexpensive places to purchase a house at the moment, you will find information like this:

Days on the market: 0 days 10 days 30 days 60 days 90 days 120 days 19.50 days
(average days on market)
Expected bid amount
(as a percent of asking price)
86% 80% 69% 51% 34% 17% 75%

As you can see, as time goes by, the amount they accept as a percent of their asking price goes down. The average number of days on the market in Detroit is 19.50 days, and houses that sell after that amount of time generall go for 75% of the asking price. Here HUD is really willing to make deals.

This can be contrasted with King County, WA (home of Seattle). Here’s the same information:

Days on the market: 0 days 10 days 30 days 60 days 90 days 120 days 7.40 days
(average days on market)
Expected bid amount
(as a percent of asking price)
99% 99% 98% 97% 96% 95% 99%

In King County, HUD almost always gets 100% of their asking price and the house is gone on average after a single week. So, don’t expect HUD to accept a low-ball offer in King County!

This can again be contrasted to Wake County, NC (home of Raleigh). Here’s the data for that area:

Days on the market: 0 days 10 days 30 days 60 days 90 days 120 days 52.73 days
(average days on market)
Expected bid amount
(as a percent of asking price)
86% 85% 84% 81% 78% 76% 82%

Here, they will generally accept a notable discount from the asking price, but the amount of the discount isn’t affected much by time. However, the average HUD house stays on the market for getting close to 2 months. That should at least give you some time to evaluate if you actually like the house. However, don’t expect HUD to give a huge discount unless you reveal a defect they didn’t know about.

So, do your own analysis and find your own trends. (For example, 3000+ square foot houses are on the market for longer than 0-1000 square foot houses, but they don’t discount them as much as time goes by. This isn’t a surprising trend, but it is backed up by the data.) So, play around:

http://hudhomevalue.com/bidstatistics.php

Welcome to the HUDHomeValue.com blog

Hi! Welcome to the HUDHomevalue.com blog. The federal government’s Department of Housing and Urban Development (HUD) has a sales process for disposing of properties that they obtained through foreclosure. Often they sell these properties for reasonable prices and they have a very well-defined process for selling these properties. This makes HUD homes very attractive. However, their website does not give you all the data you might want. So, this website, HUDHomevalue.com, gathers all the HUD information you might want and puts it in one easy-to-understand place. Hope you love the site!