Answering HUD Questions: Who Can Purchase a HUD Home?

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Real Estate Agent with HomeSmart Realty Group

Answering HUD Questions: Who Can Purchase a HUD Home?

Every Sunday we feature HUD Homes.  Some weeks it will be information about purchasing HUD homes (see the links at the end of this post).  Other weeks we will feature available HUD homes in Douglas and the surrounding counties.

This week we are answering a common HUD question.  Who can purchase a HUD home? 

There are FIVE buyer types, as identified by HUD.  There are also restrictions and requirements for each buyer type.  1) All home buyers MUST use a registerd selling broker or selling agent to make an offer on their behalf.  2) All bidders must be registered to make offers on properties.HUD Homes

Owner Occupant: This is a buyer who intends to live in the property as their primary residence.  They MUST not have purchased a HUD property in the past two (2) years.  They MUST have a valid Social Security Number (SSN).  Owner occupants have first priority to purchase.  They may purchase suring the Exclusive or Extended bid periods.

Investor: This buyer does not intend on living in the property.  An investor MUST have a valid Social Security Number (SSN) or Employer Identification Number (EIN).  They may ONLY bid homes during the Extended bid period.

Good Neighbor Next Door (GNND): Available to law enforcement officers, pre-K through 12th grade teachers, firefighters and Emergency Medical Technicians (EMTs).  There are many restrictions and requirements.  For more information click on the link below regarding Special Programs. 

Nonprofit: The Non Profit program allows local non profit organizations an opportunity to investment in the rehabilitation of their communities.  They may purchase during the Lottery, Exclusive and Extended bid periods.  They cannot bid for Dollar homes.  Other restrictions apply.  For more information, please click on this link.

Government Agency: Local governments are able to assist with housing for low to moderate income families.  They may purchase during the Lottery, Exclusive and Extended bid periods.  They can bid for Dollar homes.  Other restrictions apply.  For more information, please click on this link.

 

 

(HUD is the U.S. Department of Housing and Urban Development.)

If you are interested in learning more about HUD Homes or scheduling a showing of a HUD Home in the Metro Denver area, please contact The Foerster Team at (720) 530-5553.

Watch this blog site for available HUD Homes in Douglas County and the surrounding areas and additional information regarding HUD Home programs and purchasing HUD Homes.

What is a HUD home?

How do I search for HUD homes?

What are the benefits of registering on the HUDhomestore website?

HUD Special Programs

Posted by

  

rich and donna

 

Donna Foerster

The Foerster Team

Cherry Creek Properties, LLC

REAL Market Knowledge. REAL Service. REAL Estate.

Serving Metro Denver

www.TheFoersterTeam.com

720-530-5554 (cell)

 

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Topic:
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Colorado
Groups:
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Never Answer The Same Question Twice
HUD Homes
Tags:
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Ambassador
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Joni Bailey
101 Main St. Realty - Huntsville, TX
Your Huntsville / Lake Livingston Area REALTOR®
Donna: This is an excellent educational post to help buyers understand HUD. I especially like the way it links to additional informational posts! Nice job!
Apr 10, 2011 04:49 PM #1
Rainmaker
1,277,401
Donna Foerster
HomeSmart Realty Group - Parker, CO
Metro Denver Real Estate Agent

Thank you Joni.  This is a continuing series for home buyers.

Apr 10, 2011 05:19 PM #2
Rainer
243,539
Brenda Whitman, Live in Laramie Real Estate
Live in Laramie Real Estate, Laramie, Wyoming - Laramie, WY
Broker/Co-Owner, Laramie, Wyoming

Thanks for your continued focus on HUD issues, I'm learning alot from your posts - now, if I could just remember it all!  (I think that's what Bookmarking is for...)

Apr 13, 2011 09:48 AM #3
Rainmaker
1,277,401
Donna Foerster
HomeSmart Realty Group - Parker, CO
Metro Denver Real Estate Agent

Thank you Brenda.  I'm learning a lot myself!  :-)

Apr 13, 2011 10:07 AM #4
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Rosemary Brooks
BMC Real Estate - 209-910-3706 - Stockton, CA
The Mother & Daughter Realty Team

Great post on HUD homes.  I will read your series. HUD homes are coming back in vast force.

Jun 12, 2011 12:47 PM #5
Rainmaker
1,277,401
Donna Foerster
HomeSmart Realty Group - Parker, CO
Metro Denver Real Estate Agent

Thank you Rosemary.  I'm doing my best to make information readily available to the public.

Jun 12, 2011 12:53 PM #6
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Rainmaker
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Donna Foerster

Metro Denver Real Estate Agent
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