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HUD Vacant Lot Sale Could Bring More Homes to the Market

December 2, 2016

12-1-16_tippery_image1Beginning November 30th, 2016, HUD is offering something unique to residential real estate investors, a sale. This is not just a holiday sale to boost year-end figures. As reported in a recent issue of DS News, this is a sale geared to help neighborhoods across the country improve property values through the sale of vacant homes and lots. The HUD Vacant Lot Sale includes Secretary-held loans on properties worth around $250 million which are vacant due to the death of the borrower.

Citing the latest data released by RealtyTrac, the article highlighted how there are still a significant number of vacant properties. As of the third quarter in 2016, there are almost 1.4 million vacant homes in the United States. This covers 1.6% of the residential real estate market. The report also noted that 4.7% of current foreclosures are also vacant. Combined, these two figures add up to quite a few vacant homes in neighborhoods, which can bring down property values. While these figures may on the surface appear low, these are homes which could add to housing inventories if they can be put back on the market; something markets such as ours in and around Contra Costa County and other Bay Area regions are in need of.

The HUD Vacant Lot Sale is being run through the Asset Sales Office. Those entities interested in purchasing these vacant lots can contact the Single Family Transaction Specialist for more details, by phone 1-844-709-0763 or email HUDsales@VerdiAssetSales.com.  You can also learn more about the different programs HUD offers at their website.

Whether you are looking to sell your property or invest, the HUD Sale will offer additional opportunity for neighborhood values to rise, great news for the residential real estate market. When you are ready to sell or buy, you want a Realtor® who understands the latest trends and key opportunities. My team and I are ready to help you through the entire process. Our goal is to make your experience both easy and pleasurable. Contact us today at (925) 634-7820, or by email at realestate@cecily.com.

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