Monday, October 13, 2008


I have important information for investors and first-time buyers interested in owning a single family home in Adams County.

For the past 15 years, the Adams County Housing Authority has owned and maintained an inventory of three bedroom, one-and-two bath single family homes as Section 8 rental properties.

Under a provision of the federal housing bill signed by the President in July, the Adams County Housing Authority has a limited-time opportunity to receive federal grant money for the purchase of multi-family properties, which may be a better solution long-term to helping lower income residents find a decent place to live.

The upshot: the Adams County Housing Authority has made the decision to liquidate its inventory of single family homes by selling them quickly, and at a discount.

There are 23 total homes being offered this month... eight have already come on the market, and four of those are already under contract. The remaining 15 homes are being released as fast as the county can finish the rehab work. Prices on these home range from less than $80,000 to the mid $100s. (All will cashflow nicely)

While the Housing Authority has said they will give preference to first-time buyers, I have already lost one of these homes to an investor when I was representing a first-time buyer who actually made a higher offer than the investor, but in the end I think the Housing Authority is looking for the most committed, most qualified buyers so they can move these homes and get their federal grant money.

These homes are being listed at an average of 66.57% of their assessed value, based on the first group of homes to hit the market.

While the assessed values are probably high, these are terrific deals nonetheless because they are priced like foreclosures but with rehab and maintenance completed, and a credible seller on the other side of the deal.

If you have any investor clients interested in more information, please call me with names and numbers so I can get in touch with people quickly. Very few agents have any idea this is going on and these homes will be gone within a few weeks.

This is a very brief window of opportunity based on a one-time liquidation of housing inventory. I'd love to be able to help you or anyone you know take advantage of this unique situation.