There is tremendous value in buying a HUD home. All you need is $100 down and some closing costs (HUD will pay most of your closing costs, up to 3% of the purchase price of the home).
Available HUD homes are the result of foreclosure on FHA insured mortgages. Every week new HUD listings come on the market. New HUD listings come on the market in our area on Wednesdays. Existing HUD listings that were under contract but the contract fell through are put on the market on Fridays.
It is a bid system, with HUD looking for the highest offer, however owner occupants are usually given priority. Most HUD homes are initially offered on a priority basis to Owner Occupied purchasers - - people who are buying the home to live in as their primary residence. You must live in the home for at least one year, and may not purchase another HUD home for two years after the close date.
There will be a date all offers must be in by. The next day, HUD agents look first at owner occupied offers to see the highest acceptable offer. Then they look at investor offers.
Since they are foreclosures, some HUD homes are in poor shape, and not eligible for FHA financing. Other HUD homes are in great shape and are a great deal. Repairs are not done to HUD homes by HUD, however an inspection is done by representatives of HUD to ensure that all HUD homes are safe, secure, and marketable to the conditiions as identified by HUD. While they will not repair broken drywall or paint, in many cases repairs such as replacing carpeting or missing handrail, or broken window, will be fixed with escrow money.
It helps to have a buyer's agent experienced in handling HUD homes to obtain the best deal and protect your interests when buying a HUD home. Jim Saltarella of Magic Realtors has extensive experience in negotiating, successfully placing offers and helping clients purchase HUD homes for $100 down.
Please call today and Jim will email you the HUD homes that fit your criteria (number of bedrooms, baement requirements, etc) and are in your price range and area of town. You can decide from the photograph and data sheet if it is a home you would like to see, and Jim will show you the home at your convenience.
Email Jim at jim@MagicRealtors.com or call him at 770-653-0756 and get started today!