Ahmed Elbatrawy's Blog
1,289 viewsMinneapolis Real Estate Blog by Ahmed Elbatrawy, Re∕Max Associates Plus
Written by Ahmed Elbatrawy, Agent in Edina
July 4, 2009 4:32 PM Home Buying in Minneapolis
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Hello Minnesota Home Buyers!
There has never been a better time to buy a home in Minnesota, and great deals can be had on HUD owned homes.
But first, what exactly is a Minnesota HUD Home?
A Minnesota HUD home is a 1 to 4 unit residential property located in the state of Minnesota that has been acquired by the United States Government’s Department of Housing and Urban Development (HUD) as a result of a foreclosure action on an FHA-insured mortgage. HUD becomes the property owner and offers it for sale in Minnesota to recover the loss on the foreclosure claim.
A Minnesota HUD home is a 1 to 4 unit residential property located in the state of Minnesota that has been acquired by the United States Government’s Department of Housing and Urban Development (HUD) as a result of a foreclosure action on an FHA-insured mortgage. HUD becomes the property owner and offers it for sale in Minnesota to recover the loss on the foreclosure claim.
Who can buy a HUD Home in Minnesota?
YOU CAN! If you have the cash or can qualify for a loan (subject to certain restrictions) you may buy a HUD Home in Minnesota. HUD Homes are first offered to people who are buying the home as their primary residence (owner occupants). Following this priority period for owner occupants, unsold properties are then made available to all buyers, including investors.
YOU CAN! If you have the cash or can qualify for a loan (subject to certain restrictions) you may buy a HUD Home in Minnesota. HUD Homes are first offered to people who are buying the home as their primary residence (owner occupants). Following this priority period for owner occupants, unsold properties are then made available to all buyers, including investors.
How are Minnesota HUD Homes sold?
All properties available for purchase by the Minnesota public are offered for sale at Internet listing sites maintained by management companies under contract to HUD. Any Minnesota 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.
All properties available for purchase by the Minnesota public are offered for sale at Internet listing sites maintained by management companies under contract to HUD. Any Minnesota 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.
Are there any special programs offered to buyers of Minnesota HUD Homes?
Properties in designated areas of Minnesota are available at a reduced sales price to law enforcement officers, teachers, firefighters, emergency medical technicians, nonprofits and local governments. Please contact my office for additional details.
Properties in designated areas of Minnesota are available at a reduced sales price to law enforcement officers, teachers, firefighters, emergency medical technicians, nonprofits and local governments. Please contact my office for additional details.
Should I get a home inspection for my new HUD Home in Minnesota?
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. Remember, it is always better to be safe than sorry when it comes to buying your next home.
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. Remember, it is always better to be safe than sorry when it comes to buying your next home.
What if I need to finance my new HUD Home?
Although HUD does not offer financing directly, some of our homes qualify for FHA-insured loans. I encourage all Minnesota Home Buyers to shop around for a lender to find the best loan terms, or use the services of a qualified Mortgage Broker.
Although HUD does not offer financing directly, some of our homes qualify for FHA-insured loans. I encourage all Minnesota Home Buyers to shop around for a lender to find the best loan terms, or use the services of a qualified Mortgage Broker.
If you need help finding a qualified Minnesota Home Inspector or Mortgage Broker, please feel free to contact my office at:
Re/Max Associates Plus
7300 France Avenue
Minneapolis, MN 55435
Office (952) 915-2220
Web-Site www.remaxsearch.com
Good luck with your home search in Minnesota, and please do not hesitate to let me know if I can be of service!
Ahmed Elbatrawy, REALTOR®
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