HUD HOMES in Warner Robins GA
HUD-owned homes are a good way to find a good deal and bid on FHA properties that have been repossessed. Homes eligible for Lottery Round become available each Thursday and bids are reviewed on Tuesday and accepted on Wednesday (Owner Occupants Only). Un-sold properties and new listings that don't qualify for the Lottery Round become available to the general public on Wednesday at noon on the general list. Properties stay on the general list for 12 days open to bidding (Investors may bid on homes on general list). On the 13th day PEMCO opens and reviews the bids. If there were more than one acceptable offer, then the bid is awarded to the buyer whose offer resulted in the highest net to HUD. If there were no acceptable offers then the property rolls into Daily Bidding. If a property remains in Daily Bidding for an extended period of time with no acceptable offers then PEMCO will reduce the price of the property and simutaneously re-list it on the market. These Re-list/Price Reductions alway list to the market on a Friday. When a property is re-relisted for a price reduction or another reaon, the property will again have a priority-bidding period so that owner-occupants may have a priority chance to bid on the property at its new lower price. For re-list properties in thier priority period, the priority bidding period opens and reviews all owner-occupant bids submitted during the 5 days on market at the new price. If there was no acceptable offer, investor bids that were placed during the first 5 days are reviewed for an acceptable offer. This entiere cycle is repeated until the home sells.
- Electronic bidding is the only method to submit offers on HUD Homes
- Buyers cannot submit bids. A HUD-Registered agent must do so on their behalf.
- All HUD homes are sold AS-IS
- Buyers must have pre-approval letter and be fully qualified prior to submitting an offer, because their is no financing contingency
- Buyers must have earnest money check in certified funds prior to submitting an offer
- HUD homes can found at www.hudpemco.com
- Any real estate broker who is registered with HUD may show HUD homes and submit offers
- Who can buy a HUD home - anyone. All a buyer needs to do is find a property for sale, obtain financing, and ask a HUD registered real estate agent to submit an offer.
- HUD homes vary greatly when it comes to price, location, and condition
- HUD homes are not low-end housing
- Homebuyers who purchase a HUD home with FHA Financing can purchase with only $100 down
- Earnest money required for homes less than $50,000 is $500
- Earnest money required for homes $50,000 and over is $1,000
View HUD owned homes for sale in Warner Robins GA on my website at http://www.johncobbmiddlega.com/Warner_Robins_Georgia_Real_Estate_and_Homes_For_Sale_in_Warner_Robins_listings/HUD_Homes_listings.shtml
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John W. Cobb
REALTOR® jcobb@coldwellbankerssk.com
Coldwell Banker, SSK Realtors
Cell – (478) 396-2440
Work – (478) 953-8595 ext 272
http://www.johncobbmiddlega.com
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We are now offering a consultation for investors which will provide one of my ASHI certified inspectors to do an overview of major issues on a home and then answer questions from the investor. This service will cost $150 and provide answers to the questions that investors have such as "is this house a time bomb?" or is it something that is workable inside of my budget. This will be a verbal quesiton and answer time with no written report provided.
We are offering this to investors only as it assumes that the investor doesn't need to be informed of stains in the ceilings, cracked windows etc. but instead needs to know the major issues that might come back to bite them.
Take a look at our website at www.housetalk.net or call at 478-738-0893