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Marty Patrizi's Blog

By Marty Patrizi | Agent in 03820

How To Buy A HUD Home

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.  A reputable lender can help you determine your affordability range and provide a "pre-approval"  letter which will be required to start viewing properties and make an offer.  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 Store is HUD's website where available HUD properties are updated daily.  The bid period for HUD Homes ends daily at midnight.  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.  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.  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:  Marty Patrizi is a full service New Hampshire Realtor at Virtual Homes, Inc. and his emphasis is on "service".  Marty works as a Buyer's Agent and a Listing Agent.  Marty is also a building and renovation Contractor since 1988.  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.  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.  Marty can be reached direct at 603-781-4099 or by email marty.patrizi@virtualhomes.com.

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