MI HUD homes are easy homes to purchase!
Currently the homes are being reanalysed by , back with Michaelson, Connor, & Boul, Inc. for pricing. I can't wait for the homes to come back on the market. MCB is great firm to work with. This change took place March 28, 08.
Real estate agents must be used to purchase a MI HUD home.
HUD was last offering FHA purchasers $2500.00 at closing to be used on repairs, closing cost or towards the mortgage. Purchasers can purchase a HUD home with FHA financing putting only 1% down. Most lenders require 5-10% down. AWESOME!
Financing must be arranged and pre-approved (not qualified) before submitting a bid.
If the HUD your are purchasing is below $50,000, the purchaser must have a cashiers check made out to the Real Estate company for $500.00. This is not negotiable. If the home is $50,000 and over, the cashiers check must be $1000.00, again not negotiable.
With in 15 days of an accepted offer, all inspections must be done. If not done in 15 days, the purchaser forfeits the right.
Be prepared for a repair escrow. Most HUD homes will require money to be set aside for repairs that are listed on the HUD appraisal. Depending on the lender, they will require an estimate, hold 1 and 1/2 times the amount in the escrow. As the items are fixed and reinspected the money is released.
The transaction is suppose to close with in 45 days. *subject to change with MCB*
To view MI HUD homes, please see http://www.mcbreo.com/ in the near future.
For more information, please contact your MI HUD HOME SPECIALIST, Angie Ridley 810 744 4600