HUD Foreclosure question

By
Real Estate Agent with RE/MAXPrestige

I have a buyer who has been contacting me for information on HUD homes. He has been looking at the bidselect website to see the homes that are available. On the details of many of the homes it tells you that you can buy the home with a program that allows for only $100 down.

I have not been able to find any information about this.

Is there anyone out there that can help me?

Thanks

Sue

Posted by

Sue Riley Realtor, GRI

Prudential Texas Properties

Serving Collin and Grayson Counties and surrounding area.

Offering great customer service for all of your real estate needs

Comments (5)

Brian Burke
Kenna Real Estate - Lone Tree, CO
Broker & Advising Expert-Denver Luxury Real Estate

Sue - I don't know who HUD has contracted to do their homes in Texas (here it is MCBREO) on their site we have specific instructions about the $100 down program. That is for a full price offer. Here is a snippet of the beginning of what's applies to Colorado - "We are pleased to announce a special sales incentive for owner occupant purchasers who will be utilizing FHA financing. HUD is currently offering a $100 Down payment initiative. The $100 down payment is for owner occupants..." Hope this helps. ~Rita

Oct 22, 2008 02:36 PM
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

Need advice? Contact a HUD-approved housing counselor or call
(800) 569-4287.

 

I am a HUD approved selling Broker in Georgia.  I know loans are different from state to state.  Maybe this phone number from the hud.gov site above will be helpful.  Good luck.

 

Oct 22, 2008 02:45 PM
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville
Choose FHA financing to quality for $100 down payment. Ask your Agent for details. Large yard treed lot with RV/ Boat parking and storm cellar, large eat in kitchen. 1456 square feet-information is from the FHA Appraisal and is deemed reliable but not guaranteed. Disclosure: Fema flood zone to be determined by survey and flood map.

Click here to view the Property Conditions Report and Lead Based Paint Disclosures as applicable.
 FHA Financing Insurability
Insured With Escrow
  Repair Escrow   Cost
   Repair electrical as needed $100
   Repair bath tub faucet as needed $100
   Repaint interior and exterior as needed $2,000
   Remove storage building $200
 ESCROW TOTAL $2,400
 110% OF ESCROW TOTAL $2,640

 

Contact Information
Attention Selling Agents, HUD KEY CHANGE: The HUD key will be changing on a rolling basis as new properties come into inventory. Please contact a Listing broker for a NEW HUD key. You will need to keep your old HUD key until all existing inventory is sold.

For questions about purchasing this property, please call 866-918-4792 and/or click here to Contact Us.

 

Disclaimer

This information is believed to be accurate, but is not guaranteed.

This was from a listing in your county in Texas.  You need to go to BidSelect.com and see if you need to get registered to sell HUD homes in your state if you are not already.  If you are, I think you should call this number.  In Georgia the process took me about 3 months to get all the paper work and get approved initially.  If you are not you might need to refer these clients to an agent who can sell them the house while you are getting approved.  Information above just mentions the program and has a phone number.  I'm not saying it was "this" house

Oct 22, 2008 02:51 PM
Eric McGowan
Moody, AL

Sue,

Good afternoon, I hope this helps http://www.hud.gov/homes. It lists by state and for Texas the link takes you to bid sellect (http://www.newbidselect.com). When I clicked on the link apparently there are 1500 homes they have represented at the moment. If the home qualifies for the $100 down then it states so underneath. Good luck.

Oct 23, 2008 06:23 AM
Sue Riley
RE/MAXPrestige - Van Alstyne, TX
GRI

Thank you everyone for your help.

For some reason I just could not get to the bottom of this.

We are gradually finding out what all the requirements are and figuring out if it will work for a buyer.

Again thank you for your posts,

Sue

 

Oct 27, 2008 10:40 AM