St. Clair Shores HUD Home Update

Here's the latest update on the HUD home inventory in St. Clair Shores for September 10th, 2010.

There are currently 7 HUD homes available on the market.

address price bed / bath bid deadline

1. 22928 Doremus $72,000 3/1 9/19/2010
2. 205 Pineview Ct (condo) $56,000 2/2 9/14/2010
3. 22038 Lanse $15,000 2/1 9/14/2010
4. 28100 Ruehle $53,000 2/1 9/12/2010
5. 23120 Recreation $45,000 3/1 9/12/2010
6. 30140 Maplegrove $21,000 2/1 9/12/2010
7. 22702 Clairwood $16,000 3/1 Daily

The first ten days of the listing is for owner occupant buyers only. During the 10 day listing period HUDwill take all owner occupant bids and after the 10 days is up, they will make a decision on the bids collected. If they do not accept any of the bids, it stays on the market and the bidding then opens up to investors and the bidding / bidding results is daily.

TIP #1 - New Hud listings come out on Fridays.

TIP #2 - Investors need to be ready to bid as soon as the 10 day owner occupant period is over.

What is a Hud home? When someone buys a house with an FHA loan and defaults on the mortgage, the lender forecloses on the home. FHA then pays the lender and then HUD becomes the owner of the home. So quite simply, a Hud home = FHA foreclosure.

If you would like more information on HUD homes in St. Clair Shores or the surrounding Macomb County area, contact Mike Mitchell