| HUD
homes are available to anyone that has cash or can obtain financing
to purchase a home. HUD homes can only be purchased with the assistance
of a licensed real estate professional. If you would like to contact
one of our Realtors please click on "Contact Us" above
to send an email or call us toll free at 877-524-4831.
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| FAQ about the HUD home buying process- |
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What
is a "HUD Home"?
A HUD Home is a property that was previously financed with an FHA
insured mortgage and where the owner has defaulted on the loan.
The lender, then, forecloses on the home. FHA pays the lender what
is owed; and the lender transfers ownership of the home to FHA/HUD.
Then, HUD sells it at market value.
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Who
can buy a HUD Home?
Anyone who has the cash or can qualify for a mortgage can buy a HUD Home.
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Is
it true I can get a HUD Home for a dollar?
No. HUD sells homes at market value - that means that the price is set based on the price of similar homes sold in the area.
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If
the HUD Home needs repairs, will HUD make them?
HUD Homes are sold "as-is," without warranty. That means
that HUD will not pay to correct any problems. Buyers are encouraged
to get the home professionally inspected.
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| Houses
built before 1977 may have lead based paint, which can cause harm
to your family; so be sure to read about this hazard and about what
you would need to do to correct it.
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How
do I buy a HUD home?
HUD Homes are sold through Participating Real Estate Agents.
Start by finding a HUD participating real estate agent. Your real
estate agent must submit your bid for you. The real estate agent's
commissions are usually paid by HUD.
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How
can I find out what HUD Homes are for sale?
Right here! The list of HUD Homes for sale is updated daily. If
you see one that interests you, contact one of the HUD participating
real estate agents in your area. They can help you from there.
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How
can I get a loan to buy a HUD Home?
HUD does not make loans directly. You can contact a HUD approved
lender, who will take you through the steps and actually make the
loan.
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Can
I buy a HUD Home as an investment?
Most HUD Homes are initially offered on a priority basis to owner
occupant purchasers (people who are buying the home as their primary
residence). Following the priority period, unsold properties are
then available to all buyers, including investors.
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Nonprofits
and Government Agencies!
HUD has a special sales program under which approved nonprofit organizations
and government agencies may purchase properties at discounted prices
for use in local housing or homeless programs.
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Officers
and Teachers!
HUD has a special sales program under which approved Officers and
Teachers (as defined by HUD) may purchase properties at discounted
prices in revitalization areas.
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Local
Governments!
HUD has a special sales program under which Local Governments may
purchase certain properties at one dollar ($1.00).
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