What you don't know about a HUD Home
Interested in buying a home? Have you tried looking into HUD Homes? Selling HUD Homes for over 28 years, I can assure you there is plenty reason why you should.
Benefits of buying HUD Homes are many, including the following:
- If using FHA Financing, the termite inspection and treatment is paid by HUD. The Field Service Manager will clear active infestations.
- FHA appraisal has already been completed on listed properties. This saves you an average of $400! The appraisal is good for up to 4 months.
- HUD gives a priority bidding period to owner occupants
- LOW Earnest Money deposits! Only $500 for homes up to $100,000 and $1,000 for homes over $100,000.
So, what is a HUD Home?
- A HUD Home is an FHA insured mortgage that has gone into default. The lender acquires property, submits FHA insurance claim, then conveys ownership to HUD. HUD will then sell the home through their Asset Manager, BLB Resources. HUD Homes include Single Family Residence, Townhome, Condominium or any other type of residence up to 4 units.
Can YOU buy a HUD Home?
- Almost ANYONE can buy a HUD Home.
- If you're a cash buyer
- If you can qualify for a loan
- Although HUD Homes are initialliy offered to owner occupants, following the priority period of owner occupants, HUD Homes are available to ALL types of buyers (such as investors)!
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