What Is A HUD Home? - Arizona HUD Homes For Sale
An Arizona HUD Home is a foreclosure property that was taken over by the United States Department of Housing and Urban Development (HUD) as the result of a deficiency by the home owner on a Federal Housing Administration (FHA) mortgage.
Arizona HUD Homes are sold by being listed on the MLS and on the Internet. Brokers registered with Arizona HUD Broker and their agents may place bids electronically on these properties on behalf of a purchaser. The bid with the highest net to HUD is selected as the provisional winner subject to receipt of all required documents.
Any buyer who can secure a loan to purchase real estate or can pay cash is eligible to purchase an Arizona HUD Home! Purchasers must use a broker or agent who is registered with Arizona HUD Homes to submit a bid on a property. Purchasers must also have a pre-qualification letter from a lender or proof of cash funds in the amount of, or greater than, the property they are purchasing.
Even though Arizona HUD Homes are sold AS-IS, buyers can rest at ease as the homes have been appraised, inspected and checked for termites. HUD does not guarantee or warrant that the property is free of visible or hidden defects that may render the property uninhabitable or otherwise un-useable. The purchaser is responsible for taking such actions as they believe necessary to satisfy themselves that the property is in a condition acceptable to themselves, of laws, regulations and ordinances affecting the property and agrees to accept the property in the condition at the time of contract acceptance. Purchasers are encouraged to have a home inspection performed to identify any possible defects.
Contact Brent Conley for more information!
Comments(0)