HUD homes in suprisingly good shape for only $100 down!

By
Real Estate Agent with RE/MAX DFW Associates-Home II Home Team

As I've been out looking at HUD properties lately, I have noticed that these homes are extremely different homes than what they were several years ago.  Three years ago, these were the distressed properties that were usually only purchased by investors who had the money to infuse some cash into the properties and flip them.

Today is a different story.  Many of the HUD homes I have recently viewed are only 1-2 years old, in great condition and only need minor repairs that could be completed one weekend with a little sweat work and a trip to the Home Depot.  These homes are ready for immediate occupancy!

It gets better!  HUD is currently offering many of these properties for sale with only a $100 down payment with FHA financing.  In addition to that, HUD will pay up to 3% (of list price) for the buyer's closing costs!  To be eligible, the buyer must be an owner occupant (no investors) and must offer full list price.  Keep in mind that full list price is typically 10-20% off of normal retail price and the current market value.

What does this mean for buyers?  It means that now is a great time to purchase a HUD home!  You will be investing in your future and purchasing the home with very little cost but yet having some equity because of the discounted price.

HUD has not published the length of time these incentives will be offered.  Hurry and make home ownership a dream come true!

 

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Comments (3)

Eric Egeland
RE/MAX SUBURBAN - Libertyville, IL
SFR, e-PRO, CDPE

Thanks for the post Jenny,

I've been meaning to get HUD approved....are you???

Nov 25, 2008 06:16 AM
Jenny Grandi
RE/MAX DFW Associates-Home II Home Team - Argyle, TX

Yes, I am HUD approved.  The broker just has to apply for a NAID # on www.bidselect.com.  Once the broker has done that, all agents in the brokerage can easily register using the broker's NAID #.

Nov 25, 2008 06:38 AM
Susanne Novak, ABR, FIS, GRI
RE/MAX 24/7 - Columbus, OH

Hi Jenny,

HUD homes are selling like hot cakes in Ohio! And, as you already noticed, they come in all shapes, sizes and conditions! I pick up to 3 new HUD listings each week and write up a little feature - many of these are very NICE suburban homes, in move-in condition!

HUD offers a $2,500 bonus to owner occupants in Ohio. That pretty much pays for closing costs, if you also take into consideration the property tax credit. Is that bonus offered in TX also?

Free HUD Maps Opt-In

Read our Columbus HUD Homes Blog http://ColumbusOhioHUDHomes.com for more information about the Ohio HUD program!

 

Feb 08, 2009 12:59 PM