|
|
What is a HUD Home?
A HUD home is a 1 to 4 unit residential property acquired by HUD as a result of a foreclosure action on an FHA-insured mortgage. HUD becomes the
property owner and offers it for sale to recover the loss on the foreclosure claim. Who can buy a HUD Home? Almost anyone! If you have the cash or can qualify for a loan (subject to certain restrictions) you may buy a HUD Home. HUD Homes are initially offered
to owner-occupant purchasers (people who are buying the home as their primary residence). Following the priority period for owner occupants, unsold
properties are available to all buyers, including investors. If you are an evacuee displaced by Hurricane Katrina, Rita or Wilma, HUD could sell a HUD Home at a discount to you! How are HUD Homes sold? All properties available for purchase by the public are offered for sale at Internet listing sites maintained by management companies under contract to HUD.
Any real estate broker registered with HUD may submit an offer and contract to purchase on your behalf. HUD pays the real estate broker's commission, if
included in the contract.
Are there any special programs?
Properties in designated areas are available at a reduced sales price to law enforcement officers, teachers, firefighters, emergency medical technicians,
non-profits and local governments. Read more about these Good Neighbor Initiatives.
Should I get a home inspection?
We encourage you to get an inspection after your offer is accepted. All HUD Homes are sold "As-Is," without warranty. HUD will not make repairs nor pay to
correct any problems.
What about financing?
Although HUD does not offer financing directly, some of our homes qualify for FHA-insured loans. Shop around for a lender to find the best loan terms.
Find out how an FHA loan can help you.
|
|
How To Buy a HUD Home Are you looking to buy a HUD home in Atlanta and would like more information on how to buy a HUD home and the process involved? HUD homes can be a great investment for potential home owners and real estate investors. Often times, the properties can be purchased at a significantly
reduced market value. As a potential HUD home buyer, remember the following: You must use the services of a HUD registered real estate broker. You must be pre-approved for a mortgage or show evidence of adequate cash reserves to purchase the home. Owner-occupied bidders receive the first priority to purchase HUD homes. HUD offers three types of properties: FHA insurable homes, FHA insurable
homes with a repair escrow and homes that are not insurable with an FHA loan. You do not have to finance a HUD home with an FHA loan. All HUD Homes are sold "As-Is." Before making a bid on a HUD Home, you must provide your HUD registered real estate
broker with the appropriate Earnest Money in the form of a cashier’s check or money order. If the purchase price is $50,000 or less, the amount of earnest money required with your bid is $500. If the purchase price is greater than $50,000, the amount of earnest money required with your bid is $1,000. $100 Down Payment Incentive—Only available to Owner Occupant Buyers who are using FHA financing. This
Buyer incentive allows the Buyer to put $100 down in earnest money no matter what the purchase price of the home. Your earnest money check should be made payable to the escrow account of your HUD registered real estate broker.
As you explore the HUD Home buying process, it is vital that you remember one thing—HUD requires that all bidders must be pre-approved to purchase the home. In other words, if you are looking to finance the property, you must make application and have a conditional loan commitment from a qualified lender. |
|
|
Mark Fisher & Associates Provides Residential Real Estate Services to
Home Buyers, Sellers and Investors in the Following Georgia GA Cities:
Downtown Atlanta, Midtown, North Atlanta, Alpharetta, Buckhead, Buford,
Canton, Crabapple, Cumming, Decatur, Duluth, Dunwoody, Johns Creek, Kennesaw, Lawrenceville, Milton, Norcoss, Roswell, Sandy Springs, Stone Mountain, Sugar Hill, Suwanee, Woodstock and more…
Mark Fisher & Associates Provides Residential Real Estate Services to
Home Buyers, Sellers and Investors in the Following Georgia GA Counties:
Fulton County, North Fulton County, Forsyth County, Cherokee County, Cobb
County, DeKalb County, Gwinnett County, Hall County and more…
|
|
|
|