Interested in Buying a HUD Home?

 

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Purchasing a HUD home can be a very rewarding financial decision. HUD homes are homes that were secured by the FHA (thru an FHA loan). Typically the home went into foreclosure and the government then gets the home back and in turn has a home that it needs to re-sell. There are quite a few things to consider when looking to purchase a HUD home that Michael Oliver will assist you with.

  1. HUD requires a buyer to use a HUD registered real estate broker. This is of the foremost importance. Few real estate agents know much about the HUD process. Even fewer are HUD registered to even sell them. Michael Oliver is the perfect choice to help you find a HUD home since he knows the process and is also qualified to sell one. The reason that HUD requires this is that they do not have the manpower to be able to personally show all HUD homes in the nation. And since the HUD process is a very dictated process and items need to be done in a certain manner, a HUD registered real estate adviser is the perfect choice to get HUD homes sold for the government.
  2. There is a special bidding process that is required to purchase a HUD Home. When a HUD Home is put on the market, initial bidders can only be owner occupants (buyers who intend to use the residence as their primary home). The buyer then can place a bid on the property which is a blind bid. All bidders can submit their bids within the first 10 days the HUD home is on the market. On day 10, the bids are opened. If HUD finds one of the bids satisfactory, then that buyer's bid becomes the purchase price. If none of the bids are accepted, the HUD home becomes available for investors as well as owner occupants.
  3. ALL HUD HOMES ARE SOLD AS-IS! When a buyer purchases a HUD home, it is important that they understand all HUD homes are sold AS-IS. All buyers are highly encouraged to pay for a home inspection to professionally asses the condition of the home.
  4. HUD offers special programs to police officers, teachers, firefighters, and more. Some HUD programs offer 50% off of the purchase price of a HUD home. Please contact Michael Oliver for an explanation of the current offers HUD is providing.
  5. ALL BUYERS MUST BE PRE-APPROVED FOR A MORTGAGE OR BE ABLE TO PAY CASH PRIOR TO SUBMISSION OF BID. As a winning bidder you will have a deadline of 45 days from successful bid to complete the transaction. If you miss the deadline HUD, can (and in most cases will) cancel your contract and retain your earnest money deposit. As a buyer, you need Michael Oliver to be sure you're properly set up to close on time, make sure deadlines are met, inspections completed on time, and that items are submitted in an orderly fashion to complete your HUD transaction.

If you would like to obtain additional information about buying a HUD home, please fill out this questionnaire and Michael will respond to your inquiry within 48 hours. Thank You.

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