I
handle all the details for you without a penny
coming out of your pocket for my services. HUD
pays the real estate commissions.
What
is a "HUD Home"?
When someone with a HUD (Housing and Urban Development Department) insured mortgage
can't meet the payments, the lender
forecloses on the home; HUD pays the
lender what is owed; and HUD takes ownership
of the home. Then sell it at market
value as quickly as possible.
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Who
can buy a HUD home?
Anyone! If you have the cash or can qualify
for a mortgage, you can buy a HUD home.
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Are
HUD Homes meant for people with low
incomes?
HUD homes range in price, but most are
affordable for low- and moderate-income
Americans.
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Is
it true I can get a HUD Home for a dollar?
No. HUD sells homes at market value -
that means that the price is set based
on the price of similar homes sold in
the area.
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If
the HUD Home needs repairs, will HUD
make them?
HUD Homes are sold "as-is,"
without warranty. That means that HUD
will not pay to correct any problems.
But even if a HUD Home needs fixing
up - and not all of them do - it can
be a real bargain! For example, HUD's
asking price on the home will reflect
the fact that the buyer will have to
invest money to make improvements. HUD
might offer special incentives such
as an allowance to upgrade the property,
a moving expense allowance, or a bonus
for closing the sale early. And keep
in mind that on most sales, the buyer
can request HUD to pay all or a portion
of the financing and closing costs.
I would encourage you to get the home
professionally inspected before you
make an offer, so you will know what
repairs you may have to make BEFORE
you submit your bid.
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How
do I buy a HUD home?
Normally, HUD Homes are sold in an "Offer
Period." At the end of the Offer
Period, all offers are opened and, basically,
the highest bid is accepted. If the
home isn't sold in the initial Offer
Period, you can submit a bid any business
day. If your bid is acceptable to HUD,
I will be notified, usually within 48
hours and will subsequently notify you.
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If
my bid is accepted, then what happens?
As your buyers agent I handle the entire
paperwork process . You'll be given
a settlement date, normally within 30-60
days, where the transaction will occur.
I will assist you in understanding the
settlement process by going over the
details and accompanying you to the
closing.
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How
can I find out what HUD Homes are for
sale?
Go to! http://bally.towerauction.net/i6/ga/
I also conduct a detailed search for
you. HUD updates their lists of Homes
for sale every day. If you see something
that interests you, I will arrange with
you to show the home.
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How
can I get a loan to buy a HUD Home?
HUD doesn't make loans directly. But
we do have a number of mortgage insurance
programs that could help you buy a home.
Then contact a HUD approved lender,
who will take you through the steps
and actually make the loan. Or you could
use a mortgage company just as if you
were buying a regular home.
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Can
I buy a HUD Home as an investment?
Most HUD Homes are initially offered
on a priority basis to owner occupant
purchasers (people who are buying the
home as their primary residence). Following
the priority period, unsold properties
are then available to all buyers, including
investors.
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Is
there anything else I should know about
HUD Homes?
We encourage every homebuyer and homeowner
to be a wise consumer, so be sure to
read our Consumer Information. Houses
built before 1977 may have lead based
paint, which can cause harm to your
family; so be sure to read about this
hazard and about what you would need
to do to correct it.
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I can show you these foreclosed homes owned
by HUD 
