Home Buying in Cedar Hill>Question Details

Nisha,  in Cedar Hill, TX

Are HUD and foreclosure homes good options?

Asked by Nisha, Cedar Hill, TX Wed Nov 20, 2013

I want to buy a home at a reasonable price, but I do not want to take forever to close.

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Answers

11
HUD wont take more than 30 days to close.

Let me know if you need help looking for properties in Cedar Hill.

Dixon
Realtor
http://www.findyourtexashome.com
1 vote Thank Flag Link Wed Nov 20, 2013
You're good to go in both counts; but make sure to get the place inspected.
1 vote Thank Flag Link Wed Nov 20, 2013
You need to know that HUDs and Foreclosures are sold "as is". However the bank will possibly do some minimal repairs to make the home "functional" but do not expect much. Also, these homes go to the highest bidder and a loan will only cover the appraised amount. If you choose to bid over the appraised amount and you have a loan you would have to do so out of your own pocket aside from your loan amount.
0 votes Thank Flag Link Fri Dec 18, 2015
HUD homes and foreclosures are good options if they have repairs that you do not mind correcting. Some times the homes are Ready to Go and then sometimes there may be a few repairs. It will depend on your tolerance.
0 votes Thank Flag Link Wed Apr 8, 2015
HUD properties closing can vary, however, most close within 35 days.

Please feel to reach out to me, if you are intersted in viewing them along with other foreclosed properties on the market.

Happy House Hunting!

Erica Texada, Broker Assoc.
Mersal Realty
214-.680-4566
http://www.EricaTexada.com
0 votes Thank Flag Link Thu Dec 4, 2014
Hi there... I would say Yes and NO.

These often take a while to close, so it would depend on your tolerance.

Also sometimes the condition of the property has to be considered as well!

Contact me for any help with locating homes in Cedar Hill or any of the Best Southwest suburbs!
0 votes Thank Flag Link Tue Dec 2, 2014
I live in one that I bought from a lender. There are good and bad ones just like any other properties listed for sale. I did not go out looking for a foreclosure, just stumbled on it. Limiting your search to a specific ownership category may cause you to pass up a good deal that isn’t a foreclosure. Would you pay more for a foreclosure than a property next door just like it but priced $5,000 less? See my point? Look for a home that meets your needs, not the seller’s position. Good luck,

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. This answer is my personal opinion, has not been reviewed or approved by the company I work for. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.
Web Reference: http://jamessimms.com/
0 votes Thank Flag Link Fri Nov 22, 2013
Yes, and, no. I say that because some bank owned properties are in good repair and the bank keeps an eye on them however, there are other ones out there that sit vacant for a year before the bank gets it on the market. HUD homes tend to be in better repair as they train their designated agents to ensure the property stays that way. One thing to remember is that the bank actually has an amount that they want and will often refuse an offer if they feel it is too low. If you do go after this type of property, may I suggest you look into a 203k loan? It offers the option of adding the costs of repairs right into the loan amount.
0 votes Thank Flag Link Fri Nov 22, 2013
They can be but they can also be more trouble and take more time to close. That may or may not be an issue for you. Also note that just because a home is a foreclosure does not mean it is necessarily a good deal. I have seen many foreclosure and HUD homes sit on the market for a long time because they were not priced correctly for the market. So you want to look at these properties and compare them to other traditional sales available to see if they are priced at, above or below market value.

Hope this helps.

_____________________________________________________
Don Groff | REALTOR® & Mortgage Broker
Austin Real Estate Pros & 360 Lending Group
o 512.669.5599 | m 512.633.4157 | listings@dongroff.com
websites: http://www.AustinListed.com | http://www.360LendingGroup.com
Web Reference: http://www.AustinListed.com
0 votes Thank Flag Link Fri Nov 22, 2013
HUD can take more then 30 days. You should talk with any 1 Broker of your choice for real hard answers.
http://www.tcrdallas.com
0 votes Thank Flag Link Thu Nov 21, 2013
They are good options you can typically close in 30 days as long as you have your financing in order. With HUD you just need to give them 5 days to prepare to close.

I can help you look at these options as well ask owner listed properties.

Regards,

Chris Hutchinson
REALTOR(R)
The Michael Group
972.809.0607
http://www.chrishutchinsonrealestate.com
0 votes Thank Flag Link Wed Nov 20, 2013
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