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Are hud homes often overpriced? Ive found one that looks attractive, was built in 2003, and is priced at 130k- however- when i check some online websites like zillow, which seem to fairly accurate for my area- the home has an estimated value of about 100k- Is it likely the home is 30k overpriced? Based off the photos- it doesnt seem to have anything seriously wrong with it, only seems to be missing appliances.
It may not be true about every where, but I feel that most of those that I see aren't necessarily any better priced that anything else out there. The thing to do of course is find an agent to help you determine value. HUD requires buyers to have an agent when purchasing a HUD home.
Here is how HUD works. They hire a licensed appraiser to appraise every single property. They list the home at appraised value. It's that simple. Zillow does not hire licensed appraisers for their zestimates, hence they are often inaccurate.
The original question was not answered. Are HUD homes overpriced? Not about if Zillow prices homes. So Yes, HUD homes are overpriced because they want the most money. Duh!
Sometimes they start asking prices near market, but if you are patient and persistent you can get them at true wholesale pricing. You often have to wait until they've been on the market a while and keep bidding the prices that work for you.
Good Luck.
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