HUD (Housing and Urban Development) owner occupant incentives are about to disappear.
As of February 12, 2010 some changes that will impact HUD buyers are the $100.00 down program will cease along with the $2500.00 owner occupant incentive for properties over $25,000.00 in purchase price.
Don't think the buyers are the only ones losing incentives...the broker incentive of $500.00 will also be gone when you sell a property greater than $25,000.00 in purchase price.
This means any bid accepted before February 12, 2010 will still qualify even if it closes after the date. This means your acceptance date is going to be very important.
Many states do not have the number of foreclosures that Michigan has with nearly 40% of total sales still being a depressed sale in some form or another.
HUD or the federal subsidized program incentives have little impact on bargain priced homes. The owner occupant incentive helped buyers replace appliances that are nearly always removed from homes once HUD takes over the selling process of the home.
Will the loss of this incentive impact your purchase? Will the reduction of the $500.00 broker incentive reduce the number of brokers willing to show these homes?
A quick update on the every changing HUD market. Just in the city limits according to bankrate.com there are 369 foreclosed homes.
Looking for a HUD home in West Michigan...I am an authorized HUD broker. Give me a call and I will get you into to very available properties that interest you. If you live in other areas of the state or out of state. Email me and I will give you the name of a local professional agent that will be happy to assist you.
Flexit Realty is only " a Call or Click away!" C, Call: 616-784-2360 or Email: GaryWhite@FlexitRealty.com
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