The following information is provided in effort to give you an introduction on HUD homes, and how they can be purchased by you as a consumer.
WHAT IS A HUD HOME?
In its most basic sense, a HUD home is a one to four unit property (residential) that is foreclosed upon and then acquired by HUD, who in turn offers it for sale to recover any loss it may have incurred on said foreclosure claim. The houses are then sold to the public through internet listing sites that are ran by property management companies who are under contract from HUD. CLICK HERE for local Dallas-Fort Worth HUD home listings.
HOW DO I GET ONE?
If you find a property you like, just notify your real estate agent who can make an offer for you on your behalf. HUD will even pay the real estate agent’s commission (if it is included in the purchase contract). If you need a real estate agent just contact us and we will find the best one for you!
WHAT ABOUT PRICE?
Based on the most recent appraisal, HUD homes are offered for sale at fair market value. In general, HUD homes are put on the market and sold during a particular time, which is known as the “offer period.” Many different borrowers or investors may submit their offer during this time period, at the end of which the most desirable offer is accepted. If none are accepted then the property will be continued for sale on an indefinite “extended” basis. In the end, the mortgage broker or real estate agent will be notified within 48 hours of HUD’s acceptance of any offer.
WHAT ABOUT GETTING FINANCING?
In order to buy a HUD home, you must do so by paying cash or by obtaining financing through a traditional mortgage broker or loan officer. In order to bring the least amount of money to closing, you would need to obtain financing from FHA, which (luckily) is possible on HUD homes. HUD does not provide direct financing to buyers of HUD Homes, so if you need to get qualified for an FHA loan (or any other type) just CONTACT US and we will get back to you as soon as possible.
WHERE CAN I LEARN MORE ABOUT HUD PROPERTIES?
Luckily, any single family residence available that is acquired by HUD will display a sign that should identify the company who is listing the property. You can also see internet listings HERE.
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