HUD Homes are government foreclosures
Who Can Bid on Arizona HUD Homes?
Anyone who can qualify for a mortgage or has the cash can purchase a HUD home. All buyers must use a registered broker or agent. If you have to explain to your agent that they need to be registered to place a bid on a HUD property for you then do not use them. HUD homes are not difficult to buy, but they aren’t for the novice agent either.
How do I make an offer on a HUD home?
You need to get pre-approved for financing, have your earnest money and be able to close the transaction within 30 to 60 days of acceptance. There are no negotiations when buying a HUD home. This is a sealed bidding process. The offer that nets HUD the most money wins. Contact the Queen of HUD at (480)206-6425 to schedule a HUD homes tour. No obligation to buy is required. I will take you to view all the HUD homes for sale in your area.
How Do I Buy Government Foreclosures?
First of all you do not need any sort of special list to find AZ HUD homes. AZ HUD homes are listed on the Multiple Listing Service and at MCB’s Website. Real estate agents have access to the Multiple Listing Service and can find you HUD homes with one phone call or you can sift through MCB’s list.
You should verify that your agent specializes in HUD homes as it is not an easy process. By this I mean it isn’t the easiest sale. Registered agents and brokers may place bids electronically for these properties on your behalf. I’ve had agents tell me in the past that there is no reason to make offers on HUD homes with all the bank owned properties on the market today. This is not true! If you want to see HUD homes then your agent should not be telling you that they are not worth it. If an agent tells you this run.
The bid that nets HUD the most money is selected.
Note for FHA buyers: If you overbid (bid more than the appraised value), on AZ HUD homes, you will be required to pay the difference in cash in order to close.
For more information on Buying Arizona HUD homes visit www.theQueenofHUD.com
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