If you are interested in buying a HUD home, I can help you. But before you run to purchase one of these "so called" bargain homes, let's look at the full picture. This article provides you with a guide to HUD homes.
How to buy a HUD home
HUD has made buying homes so easy that thousands run to HUD auctions hoping for success. HUD homes are sold in "as is" condition with no warranty, so buyer beware!
HUD homes are available all over the U.S. and can be purchased by almost anyone. HUD listings can be viewed at their website: Hudhomestore.com, and there you can search for your criteria. The first thing to consider is pre-qualification, and the second one is finding a suitable home in the right area. HUD homes are available to people who will use the home as a primary residence.
Investors can purchase left-over homes that are not purchased through a first bid process. If you are a victim of hurricane Katrina, Wilma or Rita, you may be qualified for discounted rates on the purchase of their homes.
Home inspection
HUD does not warrant the homes, and you may want to get a home inspection for your own peace of mind. Your bid on the home should include how much you are asking for, in repairs. If the repairs come to less than the bid amount, then the remainder will be applied to the mortgage, and not refunded to you
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HUD hopes to give people with lower credit scores and only a few dollars, the hope of owning a home. Their down payment is low, and their qualifications are easier with a FHA loan and Title 1 FHA Loan for repairs.
HP 12C Platinum Financial Calculator 12CPLATINUM
HP 12C Platinum Financial Calculator 12CPLATINUM
HUD loans
HUD does not offer loans, but will give you a list of approved FHA lenders. The FHA lender will know how to finance a hud loan in record time, and will give you a pre-approval letter to present with your bid. HUD home loans are easy to apply for compared to conventional loans.
HUD offers discount packages on certain homes to teachers, law enforcement officers, firefighters, emergency medical technicians, non-profits and local governments. These homes are located in revitalization areas, and are part of the good neighbor program.
Silent HUD homes bidding
You must have an agent to present the bid for your home of choice. Once you have selected one of the HUD houses for sale, you write out a bid and include the amount needed for repairs, if any and seal the envelope.
The sealed envelope is presented to the HUD office for approval. Your bid will be read at the opening of the bids, and the higher offer wins. It may take you several bids before you win a home.
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