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 (10 days),
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!
Ask a Great Results Realty representative for details.
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. Great Results
Realty, a 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.
No buyer can buy a HUD home without a HUD registered real
estate broker.
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, nonprofits and
local governments. Read more about these Good Neighbor
Initiatives. HUD will also pay up to 3% of your closing
costs, if reflected in the sales contract. ask a Great Results
Realty representative for more information by using the
"Contact Us" button.
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.
|
