Upcoming Foreclosures

How do I find out how much HUD paid for a foreclosed property? It was owned by a bank before foreclosure.?

It was not a HUD property to begin with. After foreclosure HUD ended up with it. I don't want to pay an exhorbitant price if HUD paid pennies on the dollar.

Public Comments

1. It's totally irrelevant! You are grasping at the wrong straws entirely. Do you want the house? Is it being offered at a price you can afford? What are comparable homes in neighborhood selling for. HUD probably got the property because they issued mortgage OR insured the mortgage and had to pay off the lender. They are probably out LOTS more than the offering price, but it doesn't matter in the least!!!
2. What they paid for it has NOTHING to do with anything!! That amount is completely immaterial. "I don't want to pay an exorbitant price if HUD paid pennies on the dollar." - that does not matter!! You pay what they ask for it or they will sell it to someone else!
3. HUD 'ended up with it' because it was a government backed/guaranteed loan for the lender involved. It was not owned by a bank before foreclosure. The bank foreclosed on the owner and then HUD took over the property because HUD had to pay off the bank. You won't find out how much HUD had guaranteed unless you know the amount of the mortgage which was foreclosed, but it's a safe bet that the mortgage exceeded the value of the house. That means that HUD paid MORE for the property than it will get at sale time. In summation, you're not going to steal this (or any other) HUD property It will be sold for as close to market value as is possible. And now, it's time for you to stop watching those silly late night infomercials. You do NOT buy foreclosures for 'pennies on the dollar', unless you understand that 97 cents is 'pennies on the dollar'.
4. It ended up being a HUD property, because they backed the initial loan. What they "paid" for it is irrelevant to what you should pay for it now. HUD isn't going to accept your offer if it ridiculously low. Generally they need at least 80% net of the listing price to accept the offer, your agent that puts in the offer can get up to 5% commission, so that means you would have to bid 85% of the list price for it to be accepted. (if you should need help with closing costs of other assistant, you will need to up your offer accordingly) They of course take the highest net offer, so if someone else wants it more and bids more, then they would get the house. People may even bid above list if they really like the place. Now if a property has been listed for a long time, they make take lower offers (60-70% net of list). If you really want to see what the bank took the home back for, you should be able to see the property transfer record at your local county office, like the recorder of deeds. It is public information.