Admin

How to Buy HUD Homes - California - Riverside County: Hemet, Murrieta, Temecula, Lake Elsinore, Perris, Corona, Moreno Valley

By
Real Estate Agent with Sand to Sea Properties, Inc. BRE 01379811, NMLS 331744

How to Buy HUD Homes - California - Riverside County: Hemet, Murrieta, Temecula, Lake Elsinore, Perris, Corona, Moreno Valley

 

What is a HUD home?  When someone with a mortgage that was insured by the U.S. Department of Housing and Urban Development ("HUD") and cannot make the payments, four things happen:

1. The lender takes the home back (usually in California by a nonjudicial procedure),

2. HUD pays the lender what is owed, 

3. HUD takes over ownership of the home, and then 

4. HUD then sells this "HUD home" through a marketing contractor such as HUD PEMCO for California.

 

Who can buy HUD homes once they are on the market for sale?  Anyone who can qualify for a mortgage on the property or who can pay cash for it is allowed to buy a HUD home for sale.  There are several procedural rules to follow, outlined on the HUD PEMCO website FAQ page.

 

In the spirit of supporting owner-occupancy and building communities, HUD homes also have a "Good Neighbor Next Door" program for teachers, officers, firefighters and emergency medical technicians to purchase homes at half the listed price on the HUD website.  CAUTION, though: this is if, and only if, the home is specifically in that area that the person works.  So for example, a teacher can bid half of the listed price if the home is in the neighborhood which is assigned to the school where the teacher works.

 

To buy a HUD home, the buyer must use an agent who is registered with HUD to sell homes in California, such as Sand to Sea Properties which is located in Temecula and has agents that cover Riverside County, including Hemet, Murrieta, Temecula, Lake Elsinore, Perris, Corona and Moreno Valley.

 

HUD encourages owner-occupant purchasers of these HUD homes including in California's Riverside county, the cities of Hemet, Murrieta, Temecula, Lake Elsinore, Perris, Corona and Moreno Valley.  In California, HUD homes are for sale, therefore, to owner-occupant bidders first - and owner-occupant bidders only - for a period of 10 days.  Bids placed by owner-occupants during those 10 days are considered as though they were submitted simultaneously.  If there are no acceptable owner-occupant bids on the 11th day, then bidding on the HUD home is available to all purchasers on a daily basis with no priority given to owner-occupants. 

 

 

 

Posted by

Lisa Delzompo (951-704-4559)

"May your home always be too small ... to hold all your friends!"

Is your home getting too small?  Need a FREE Home Valuation?  Preparing to Sell a Home?  Click here to submit a form online, or Call Frank at 951-326-7330 for a free consultation.

CA Dept of Real Estate, Real Estate Broker License #01379811;

NMLS Identifer #331744

REAL ESTATE:  www.SandToSeaProperties.com.  Covering northern San Diego, Oceanside, Temecula, Murrieta, Riverside County and desert areas of Yucca Valley, Joshua Tree and Twentynine Palms, CA.

LOANS:  PRW Lending, Inc. Call direct 951-704-4559, or email me at lisa(@)sand2sea.us  

 

 

 

 militarybyowner ad of sandtoseaproperties

Information is deemed reliable but is not guaranteed. Information is general and may not address your particular situation.  Do not rely solely on this or any information you find on the internet.  You should consult relevant professionals directly about your real estate, financial, etc., situation. 

Find me on Google+

Find me on Google+

Comments(3)

Julia Odom
Select Realty Professionals - Chattanooga, TN
Chattanooga Homes for Sale

Sounds like things work a little differently there in CA. Around here, there's an escrowed amount for FHA required repairs that can be added to the mortgage amount. It's a really good deal for first time buyers that want a 'fixer'

Jul 04, 2010 01:07 PM
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

Lisa, How competitive is the market in your area for these types of homes? It’s so important to have programs such as “Good Neighbor Next Door” program you mention.

Jul 26, 2010 05:05 AM
Lisa Delzompo 951-704-4559
Sand to Sea Properties, Inc. - Palos Verdes Peninsula, CA
Experienced, Trusted, & On Your Mission: Home

Hi Kathleen,

It is really hit and miss on competition for HUD homes in our area.  The condition varies so widely...  We recently applied to be a HUD listing brokerage.  If that comes through, I will have better feel for this niche market.

Jul 26, 2010 05:15 AM