HUD User Tool
Often our clients approach us asking for a list of REO homes. Many times the consumer feels that these properties are a better investment than a traditional sale. More so, the HUD owned homes are often an easier transaction than some other bank owned properties.
The HUD User site has offered a GIS Mapping Tool to make it easier to find. They describe this tool as such:
The REO Portal is a consolidated neighborhood listing and mapping tool to assist neighborhood stabilizers in identifying Real-Estate Owned (REO) properties from Fannie Mae, Freddie Mac and FHA in targeted geographies. The portal supports more efficient disposition of REO properties to support the stabilization of neighborhoods and recovery of local housing markets by enabling a neighborhood-focused strategic approach to acquisition. Users employing HUD’s Neighborhood Stabilization Program (NSP) or other resources in the targeted acquisition, rehabilitation and/or demolition of REO properties can use the REO Portal to define target geographies and receive recent listings from Fannie Mae, Freddie Mac and FHA.
The Map Search
The Map tool is a easy and intuitive application that allows you to search by address or jurisdiction. Once the search is done, you’ll see a variety of icons, they represent the available inventory and differentiate by Fannie Mae, Freddie Mac or FHA.
When you hover over the property icon, you’ll see a brief description of the home for sale.
At the bottom of the description, you’ll se a link that says “Click here for more information on the property”. When you click that link, you’ll be redirected to the HomePath program.
This is a great tool for both agents and consumers to find available properties. I’ve checked a list of these homes and found that several were not currently in the MLS. This may be a good adjunct search location when pulling listings for our buyers.