Ok, everyone is hearing more and more about buying HUD homes. Is it done the same way as buying any other home? NO. Let's talk about placing an offer on a HUD home. As you may know, a HUD home is a foreclosed property and the HUD stands for Housing and Urban Development. These homes are bid via an electronic bidding system. Electronic bidding allows brokers, like myself, the ability to submit bids for buyers electronically viaa computer or touch tone phone. The electronic bids are stored in the computer and at the appropriate time, the computer will automatically perform the calculations to determinethe apparent highest NET OFFER. HUD's Management and Marketing Contractors will confirm the winning bid and notify the Selling Broker to submit a signed sales contract.
Now that is the technical terms and format for submitting an offer. Of course there are tasks you, as a buyer, need to do to prepare yourself to place an offer. You need to be pre-qualified by a HUD qualified lender. Not all lenders are accepted by HUD so you need to work with a qualified lender according to HUD guidelines. You need to place your offer through a HUD broker. Not all realtors are HUD brokers so it is best to find a HUD broker you are comfortable working with. Make certain that the professional you work with also can assist you should you decide not to buy through the HUD process. HUD homes allow you to have inspections however they are for your information only. So be prepared NOT to have repairs or adjustments negotiated. Remember, we are submitting an offer to a computer so there is no negotiating.
If you would like more information on HUD Properties or are interested in buying a HUD home or Bank owned property, I am a HUD Broker and am available to assist you. HUD Homes and bank owned properties are homes definitely worth considering when buying a home. You can reach Carol at 302-684-5904.