Buying a HUD HOME aka HUD FORECLOSURE HOME

I can help you with the purchase of a HUD home. There are many steps that must be followed in a specific order and a few super small details that must be paid attention to all within a very SHORT TIMELINE per HUD Guidelines.

HUD sells homes at their predetermined fair market value. Not the value you see on the tax records, but they are always lower than market value in the majority of the cases.

HUD sells all types of homes. They may not necessarily be rehab homes. It just depends on what they have in their inventory at any given time. They may have $60,000 homes or $700,000 homes. Some may need work, some may not. 

Bidding on HUD homes. Bidding is the start of the process. You must consider EVERYTHING BEFORE you submit a BID. I can submit the BID for you. You cannot do this yourself. Once your BID is accepted you CANNOT change any of the TERMS of the original BID. That's why you must consider EVERYTHING first before BIDDING so there is NO time to WASTE.

HUD has it's own contracts. A Real Estate Agent, like me, MUST write the contract for the buyer. Buyers cannot do this themselves.

HUD homes come AS-IS. 

HUD will disclose property condition and other items they found out about the property. I have access to these reports.

Once you present a BID your and if HUD accepts your BID the contract MUST match the BID in every aspect and will also have additional forms that are required. We will have 48 hours from BID acceptance to get the written and signed contract to the location that receives it. More than likely it will be out of town so there is no time for delays.

HUD sells all types of homes.

The type of loan you can use depends on the type of loan HUD will accept for payment for the house. Not all HUD homes accept all types of loans. I can tell you the type of loan you can use.

HUD has strict timelines that must be met at all times, very few exceptions.

HUD will make no After Inspection repairs, but they may have already done some repairs, it just depends. 

Propeties are AS-IS WHERE-IS

I'm here to answer any questions you may have and to assist you with the BIDDING and HUD Contract process.