Are Any Rogers County Oklahoma HUD Homes Livable?

Are Any Rogers County Oklahoma HUD Homes Livable?

Have you been searching the market for that great deal on your new home, but haven't found it? Have you heard about HUD homes and have been told, "HUD homes are for investors?" The reality is that HUD homes are a great way to get a good deal on a great home. But isn't buying a HUD home difficult, confusing and frustrating too?

A HUD home is a home that was financed using an FHA mortgage and the buyer then defaulted on that mortgage. The government backed the loan and now owns the house as a result of the mortgage default. Since our government is not in the business of home ownership, they sell these homes through the US Department of Housing and Urban Development (HUD) website. Anyone can view these homes on their website, Hudhomestore.com. This site allows the public to search for properties anywhere in the United States. Each home is assigned a unique number (go ahead and click on it) and the listing page provides a lot of specific information about the home. We will navigate the Hudhomestore.com website in another blog soon.

But aren't all HUD homes trashed? Many buyers believe they cannot buy a HUD home because the home is in need of repair to the point that it would not qualify for FHA financing, would cost too much to repair, or because it is located in an undesirable neighborhood. Each of these may not be true for every HUD property in Rogers county. In fact, as of this writing there are currently 11 active HUD properties in Rogers county and only one of them is listed as uninsurable (UI). There are currently 7 HUD homes in Rogers county that are listed as Insurable with Escrow (IE). This simply means that the home is in need of repair to be eligible for FHA financing. HUD has already done the appraisal, had the home inspected, determined what needs to be repaired, and how much the repairs may cost. HUD requires the buyer to put the repair money in "escrow" so they know the are there for the repairs and the home becomes FHA insurable. Even better, there are currently 2 HUD homes in Rogers county that are listed as Insurable (IN) already and are move in ready!

The public can only purchase a HUD home through a real estate agent. The challenge for most agents is that the HUD program was completely revised in October 2010 and most REALTORS® do not know how to navigate the system, submit an offer, follow the guidelines, and successfully close a HUD home. When considering a HUD home purchase, a buyer needs to know that their REALTOR® is knowledgeable and successful in this process. I have sold several HUD homes over the years and am currently one of a few who has attended the HUD REALTOR® training program for our area.

If you are searching for a REALTOR® who is knowledgeable about HUD homes in Rogers county and the properties in the area, my experience in this area may prove helpful. I am committed to doing my very best to help your family find the perfect HUD home and financing program too! Remember, what MATTERS to YOU, MATTERS to ME!