HUD replaces Asset Manager in Colorado- HUD Homes
Posted by Stephen Connelly on Friday, November 26th, 2010 at 12:01pm.HUD replaces Asset Manager in Colorado. Michelson Conner and Boul (MCB) has been the asset manager for HUD homes in Colorado for the last five years. HUD's change has slowed the sales of homes over the last 90 days. According to the MCB web site, effective November 27, 2010 MCB will no longer be listing any HUD properties. Sales contracts executed by MCB will only be managed by MCB until December 11th. After December 11th, any non-closed contracts will be forwarded to the new asset manag
er.
So who is the new asset manager for Hud homes in Colorado? There is not one, but three asset managers for HUD homes in Colorado. THe three asset managers are Hometelos LP out of Dallas, Mat Martin out of Pennsylvania and PEMCO out of Hawaii. The three asset managers will receive a new listing every third property. All listings will be managed through one web site: www.hudhomestore.com
This conversion started back in September and has been accelerated over the last 30 days. Unfortunately, with any conversion, there has been a lack of communication with both buyers and Realtors. The three asset managers are working hard to make the process smooth.
Why the change for HUD homes in Colorado? Back in July 2010, Vanc Morris, Director of single-family asset management at the Department of Housing Development (HUD) discussed the recent move by HUD to divide the recent M&M III (Marketing and Management) contracts among field asset management companies in the edition of In This Corner.
PRO: The new asset managers for HUD homes in Colorado will ensure that properties are maintained upon acquisition, marketd quickly and sold. The idea, per Vance Morris, was to create more opportunities and or competition.
"With multiple contractors serving in the same area, the competition among them will increase productivity and ensure that should onecontractor fail, there is someone readily available to take physical possession of properties."
CON: HudHomeStore.com offers an easy search tool for properties, but lacks in information for both processes and proceures. THis lack of informationhas caused confusion in the real estate market with both Realtors and Buyers trying to purchase HUD homes in Colorado.
Currently, without a local asset manager and physical address in Colorado, contracts are now sent of of state. With the timeline restraints and working with out of state managers, this could cause more properties to fall out of contract and strain the buying process.
I would strongly recommend that buyers interview their Realtor to make sure they feel comfortable with the new process. To find HUD homes in Colorado and Good Neighbor Next Door homes, please go to www.househunterscolorado.com or www.hudhomestore.com.
I am hear to support your search for a home and give you a platform to find information to make informed decisions. Although I am always adding to this site, there may be questions that you have and can be reached via email or by phone. No question is unheard and all questions are answered.
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