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What is a "HUD" Home?"HUD" is an acronym for the U.S. Department of Housing and Urban Development. When a person with a HUD insured mortgage can't meet the payments, the lender forecloses on the home; HUD pays the lender what is owed and takes ownership of the home. HUD then sells the home at market value as quickly as possible. Who can Buy a HUD Home?Almost anyone can buy a HUD home! If you have the cash or can qualify for a mortgage, subject to certain restrictions, you may buy a HUD home. HUD employees and relatives of HUD employees are eligible, but must receive written approval from the Director of HUD's Office of Single Family Asset Management. Are HUD Homes for People with Low Incomes?HUD homes vary widely in price, but most are affordable to those with low-to-moderate incomes. Are HUD Homes priced below Market Value?No. HUD sells homes at market value -- that means that the price is set based on the price of similar homes that have recently sold in the area. However, HUD wants to sell these homes quickly -- so, homes that haven't sold in a short time will have more flexibility for lower offers. If a HUD Home needs repairs, will HUD make them?HUD homes are sold "as-is," without warranty. HUD will not pay to correct any problems. But even if a HUD home needs fixing up -- and not all do -- it can be a real bargain! For example, HUD's asking price on the home will reflect the fact that the buyer will have to invest money to make improvements. HUD might offer special incentives such as an allowance to upgrade the property, a moving expense allowance, or a bonus for closing the sale early. Keep in mind that on most sales, the buyer can request HUD to pay all or a portion of the financing and closing costs. I can provide you with all of the details. You should always have a HUD home inspected by a licensed Home Inspector BEFORE you make an offer. That way you'll know what repairs you may need to make before you submit your bid. How do I Buy a HUD Home?Start by finding a registered HUD real estate agent like me! Your agent must submit your bid for you. Normally, HUD homes are sold within an "Offer Period." At the end of the offer period, all offers are opened and the highest acceptable bid is chosen. If the home isn't sold in the initial offer period, you can submit bids until the home is sold. Bids can be submitted any day of the week, including weekends and holidays. They will be opened the next business day. If your bid is accepted by HUD, your agent will be notified -- usually within 48 hours. If my bid is accepted, what happens next?Once your bid is accepted, I'll giude you through the paperwork process. You'll be given a settlement date -- normally within 30-60 days -- by which you need to arrange financing and close the sale or forfeit your earnest money deposit, or, you can pay for an extension of your sales contract. Where can I find HUD Homes that are For Sale?Right here! This list of HUD Homes For Sale is updated daily. If you see one that interests you, call me and I'll arange a time to show it to you and help you with a bid when you're ready. How can I get a Loan to Buy a HUD Home?Although HUD doesn't make loans directly, they do have a number of mortgage insurance programs that could help you to buy a home. I can introduce you to a HUD approved lender who will take you through the steps and actually make the loan for you. Can I Buy a HUD Home as an Investment?Yes. Most HUD homes are initially offered on a priority basis to owner occupant purchasers (people who are buying the home as their primary residence). But following the priority period, unsold properties are made available to all buyers, including investors. |
