What's the catch?
What’s the catch? ............................... You must be a gun owner?
“What’s the catch?”
Many are probably in distressed condition and in undesirable neighborhoods I would guess.
The catch is Florida. The will set property tax based on full market value, not current market value. So even though housing prices in FL have gone down the tubes, the property tax has gone up in many cases.
The catch is you have a house funded at 100%, probably at market value for bank owned homes in the area. Probably picked up for a lot less than it was a few years ago. Might be much more that it was - in a few years time.
As they say in real estate - Location, Location, Location.
The problem is many of the owners buy the bank owned home which area the only ones they can afford. They live in them a while - fix they up a bit and then refinance at the market value for owner occupied homes - which they can’t afford.
“What’s the catch?”
The catch is you have to have decent credit and income. In places like florida a lot of this HUD stuff is racial. It’s about moving blacks into white suburban neighborhoods.