How To Buy A HUD Home
- First step to purchase any home is getting together with a lender and finding out what you can afford. Â A reputable lender can help you determine your affordability range and provide a "pre-approval" Â letter which will be required to start viewing properties and make an offer. Â If you are paying cash, a "proof of funds" letter from your investment/bank account officer will be required instead.
- Get together with a reputable Realtor who has experience with HUD homes and he/she will be able to help you search for and view HUD homes.
- The HUD Homes StoreÂ is HUD's website where available HUD properties are updated daily. Â The bid period for HUD Homes ends daily at midnight. Â Your HUD Real Estate Agent can enter bids electronically and will be notified if your bid is accepted usually by 9:00 am the next day.
- If your bid is accepted, you have 48 hours to submit the necessary paperwork in order with a bank check made out to HUD for $1,000.
- When HUD returns the signed contract, you have fifteen days to perform the necessary inspections. Â Similar to most "bank owned" properties, HUD homes are sold "as is" and the inspections are for your knowledge only so don't expect HUD to do any repairs. Â If there are unforeseen repairs that your inspection report reveals, you may opt to cancel your contract and have your $1,000 deposit returned.
- As part of the standard HUD Sales Contract, you will have 45 days to finalize your financing and close the deal.
- Move in and start enjoying the benefits of home ownership.
About the Author:Â Â Marty Patrizi is a full service New Hampshire Realtor at Virtual Homes, Inc. and his emphasis is on "service". Â Marty works as a Buyer's Agent and a Listing Agent. Â Marty is also a building and renovation Contractor since 1988. Â As a buyer's agent, Marty's extensive construction experience puts him ahead of other buyer agents because he has the ability to determine value and costs related to repairs and updates needed. Â As a seller's agent, he knows that buyers come from searching on line and how to generate more qualified buyers through maximum exposure of his client's properties on the internet. Â Marty can be reached direct at 603-781-4099 or by email email@example.com.