Study: Government Foreclosures Undervalued on Average by 8 to 10 Percent
Heavy Hammer, Inc., and USHUD.com reveal unprecedented opportunities for home buyers through undervalued foreclosure properties
ANNAPOLIS, Md., December 21, 2009 – Amid recent media reports that there is declining interest among American home buyers in purchasing foreclosures, real estate experts at Heavy Hammer, Inc., and USHUD.com cite a recent study showing that foreclosures are routinely underpriced by 8 to 10 percent.
Huge, unprecedented savings are being realized as the government stimulates the housing market in the face of a steadily rising national inventory of foreclosures. Incentivizing aggressive valuations of these properties by third parties is creating opportunities of a lifetime for first time homebuyers.
Heavy Hammer, Inc., CEO Michael Urbanski, says the little-known rules governing the appraisal process for foreclosure properties include requiring only a single appraisal for government foreclosures and requiring the acceptance of bids well below asking price.
“This undervaluing of real estate held by the federal government is good news,” Urbanski said. “This sort of government assistance opens up incredible opportunities to buyers who have a basic understanding of the process. Most importantly, it could go a long way in getting the market back on the right track.”
Each month, USHUD.com provides more than 500,000 prospective first time home buyers, investors and real estate professionals the most up-to-date tools and insider tips and information to take advantage of today’s foreclosure market. To learn more about America’s only free foreclosure resource, visit www.ushud.com. If you are a real estate professional interested in becoming a foreclosure expert, call (800) 880-8584 for more information about USHUD.com’s free real estate agent training program.
About Heavy Hammer, Inc.:
Based in Annapolis, Md., Heavy Hammer, Inc., is an online networking and consulting company geared toward connecting real estate professionals with potential clients. In business since 1998, Heavy Hammer has focused on geographically-based ad serving technology and processes allowing professionals to target specific locations and connect directly with consumers in those locations. Heavy Hammer also drives one of the most widely used suites of foreclosure Web sites. Starting with USHUD.com in 1999, this group of sites now includes HUDExchange.com, HUDMax.com, AllHUD.com, and many others including over 30 state and region-specific sites that connect more than 500,000 home buyers each month with thousands of real estate professionals across the country.
