Many buyers in the market to purchase a home in Sacramento are looking at traditional listings on our multiple listing service.
Although HUD homes are listed on the multiple listing service... There are real estate agents and home buyers who shy away from these homes.
It could be they do not fully understand the process, or they are not a HUD approved broker and can't write an offer on these homes.
BUT... These homes are available right now and are being sold everyday!
So what this means to me is... There is a list of foreclosed homes that many Sacramento home buyers don't know exist. These are homes available right now and can be purchased for as little as $100 down if you qualify. Really! This is not a typo.
Now I've got your attention huh? THIS IS A REAL GOVERNMENT PROGRAM AVAILABLE RIGHT NOW!
Find out if you qualify! >>
So what is a HUD Home?
When someone with a HUD insured mortgage can't make their payments ---> the lender forecloses on the home ---> HUD pays the lender what is owed ---> HUD then takes procession of the home and sells it at market value through a local real estate broker.
Who can buy a HUD home?
Anyone who can pay cash or get a mortgage can buy a Sacramento HUD home! If you are buying the home as your primary residence you must live in the home for at least a year. You also can't buy another HUD home as an owner occupant for two years. If you are an investor, there is a 10 day waiting period before you can make your bid on any HUD property. Keep reading for more details.
Who can help me make an offer on a Sacramento HUD home?
Only a HUD approved real estate broker can list and write bids (offers) on HUD properties for sale. Just in case you are wondering... My broker is HUD approved so I can assist you to make a bid on these homes!
How is buying a HUD home different than a "traditional" bank owned home purchase?
The biggest difference when making an offer on a HUD home is the bidding process. When each HUD home comes on the market an "Offer Period" is determined. In California that Offer Period is 10 days. During this time all offers are collected until that date. At the end of the Offer Period, all offers are opened and the highest acceptable net bid is accepted.
An example would be if two bids came in both at $100,000 for a home. If one buyer asked for a credit for closing costs and one didn't... HUD will most likely take the bid that didn't ask for a closing cost credit... because they make the most money by going with that bid.
After the initial Offer Period ends and no bids are accepted, then home buyers can submit bids at will. The bids are opened the next business day, after they're received, until a bid is accepted.
If you are an investor... Owner occupied bids have priority over bids from investors for the first 10 days the property is on the market. Investors can place their bids, but they will not be reviewed until the 12th day if no other bids were accepted.
Will HUD help pay my closing costs?
Yes... HUD will pay up to 3% of the purchase price. Keep in mind the offers are accepted based on which one nets HUD the most. If you ask for them to pay your closing costs, you are asking them to take less money for the home. This could make your offer less desirable when compared to others.
If you are looking to buy a home and you are fustrated because you can't find one you like... try looking at HUD Homes in Sacramento! Many real estate agents in our area CAN NOT show you or write an offer on these homes. Why not look at homes that many folks won't know about?
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