hud homes: Is a federal bureaucracy bound by state or local law? - 08/26/11 07:56 AM
Is a Federal governmental agency bound by state or local law? To tell you the truth, I don’t know and I really would like the answer to that question.
Because there is a certain federal institution that sells a lot of houses in our area, and it constantly flaunts state real estate law.
And when I complain about it, I always an answer similar to: “they’re the government, they can do whatever they want.”
I understand that in everyday practice, that seems to be the case. These bureaucracies run amok and unchecked and nobody ever holds them as accountable for anything.
… (11 comments)
|
hud homes: Where, oh where, have all the HUD houses gone? - 08/15/11 08:01 AM
HUD homes for sale in Coweta County Georgia are becoming more scarce with each passing day.
And while at first that seems like good news, it really has me thinking that there is foul play afoot,
Because the number of foreclosures has not abated one has to wonder if the so called “shadow inventory” is growing as fast as the National Debt.
Is this a Keynesian attempt at market stabilization or is the motivation purely political? Either way there is trouble looming ahead when these houses are finally released into an already tenuous market.
My preference would be to sell them … (12 comments)
|
hud homes: This one “smells” like a foreclosure. - 05/10/11 07:42 AM
One of the perils of showing REO properties is that one never knows what to expect when the door is opened. MLS photos can be somewhat misleading because they can never quite capture the “essence” of the house.
But once the door is open, much of the history of the previous occupants is immediately deciphered by the olfactory sense … the house just stinks!
Cigarette smoke, pet urine, mold, rotten wood, and even dead things immediately tell the story of property neglect and abuse.
And while some bank-owned properties have been restored to their former glory, the vast majority of REO … (25 comments)
|
hud homes: Buying a HUD home is NOT joining the military, so stop with the stupid “orders” already. - 02/27/11 08:28 PM
Make no mistake about it. HUD is a bureaucracy and as such, is more concerned about enforcing idiotic requirements than it is in its mission to help citzens aquire housing.
Latest case in point: buyer is only giver thirty days to close and will probably close on time. But HUD requires an extension five days in advance of the contract expiration date. So even if you think that you will probably make the deadline, you can’t take the chance and must file the extension.
Oh, and you also have to deliver a certified check made out to HUD in the amount … (15 comments)
|
hud homes: Why do I need a real estate agent to bid on a HUD home? - 02/04/11 04:21 PM
It is easy to find a HUD home for sale on the Internet. HUDHomeStore.com has all of the HUD listings in most areas of the country.
But in order to bid on a HUD home, the bidder must be a real estate agent working for a broker that is registered and approved by HUD. These brokers have a NAID (name and address identifier) which is required for submitting an online offer.
The reason for this is that the real estate agent is qualified to answer specific questions about the process, and can assist you with seeing the property, entering the bid, … (10 comments)
|
hud homes: “Why do I have to put down more earnest money on a HUD home than the down payment amount?” - 02/02/11 08:17 PM
When purchasing a HUD home, it is possible for most owner-occupants to qualify for a $100 down payment on an FHA loan. As a matter of fact, many potential purchasers seek a HUD home for this very reason.
However, once a bid has been accepted and at the time the contract is submitted, there is a minimum earnest money deposit that is required in the form of certified funds. This is typically $500 on offers under $50,000 and $1,000 on contracts over $50,000.
There is no real connection between the down-payment and the earnest money other than they will both … (6 comments)
|
hud homes: A plea to HUD and REO sellers: Turn up the HEAT! - 01/27/11 08:11 AM
There is nothing worse when showing property than to have the interior of the house is colder than the exterior ambient temperature. Prospective buyers rush through and try to see what they can in the darkness and head straight for the warmth of the car.
What did the buyers actually see during their two minute visit? Usually not much and it is very difficult to make a purchase decision without a thorough examination of the property.
And even though the plumbing is winterized, extreme cold can cause cracks in the drywall and other damage that occurs due to excessive expansion and … (70 comments)
|
hud homes: Due to technical difficulties, we cannot respond to your offer on a Georgia HUD home. - 01/06/11 08:19 AM
There are some glitches on the official HUD website that are driving buyers and their agents totally up the wall.
Potential buyers that have spent time and effort looking at a HUD home, writing an offer, AND depositing earnest money are not even getting the courtesy of a response to their bid.
This problem is more than a mere nuisance. Without an official acceptance or rejection, what do we do with the earnest money that HUD requires us to collect it at the time of the offer?
We have even LOST buyers that are frustrated and blame us because we are … (24 comments)
|
hud homes: “How long does it take to buy a HUD home from start to finish?” - 12/30/10 04:15 PM
This is a question that I am often asked. And the answer really depends on a lot of factors, as there are many people involved in the process.
For the purpose of this article, let’s talk about a HUD home that has just been listed, and that the purchaser is an owner occupant.
No bids are opened for the first 10 days that the property is listed. So if you make a bid on the first day of the listing period, you will have to wait at least 10 days for an acceptance.
In some cases, it it taking an additional … (11 comments)
|
hud homes: The HUD property report and appraisal could limit your ability to bid on a HUD home! - 04/19/10 06:58 AM
In Newnan Georgia, the competition for HUD properties can be fierce, and sometimes the bidding can get a little out of hand. But often, those seeking to purchase a property with only $100 down make a serious tactical error:
They don’t realize that the HUD price listed is not a suggested bid price, but is set based on a true appraisal of the property. Which means that any on bids over the list price an insured loan will be limited to that amount, plus an escrow items listed by the appraiser.
So those seeking insured loans that are awarded bids over … (56 comments)
|
hud homes: A complete step-by step guide for purchasing HUD Homes in Georgia. Part Six of Seven: Taking the HUD contract through to closing. - 08/24/09 04:54 PM
In Part Five of this series What happens after you place a bid on a HUD home? we learned the three possible outcomes of placing a bid on a HUD home.
In this chapter, we will assume that your bid was accepted, and that a contract was executed by all parties, and that the sale is moving forward.
The first thing that is substantially different about buying a HUD home than other kinds of foreclosures is that the utilities are not turned on. If you plan on doing an inspection on the property that you placed under contract, you need to … (16 comments)
|
hud homes: A complete step-by step guide for purchasing HUD Homes in Georgia. Part One of Seven: What is a HUD Home? - 08/14/09 05:11 PM
In these days of foreclosures, REO and short sales, we often gear the expression "HUD Homes." And while most buyers know that these homes are foreclosed properties, most do not understand the difference between a HUD home and other distressed properties.
Very simply put, a HUD home is a one to four unit foreclosed home that had an FHA guaranteed loan in place. When the borrower defaulted, the lender took possession of the property which was then turned over to the Department of Housing and Urban Development in exchange for a cash reimbursement.
This means that the government of the United … (13 comments)
|
|
|
|
;)
;)
;)
