Home Buying in 72335>Question Details

Arteacher, Home Buyer in 72335

Do houses purchased with GNND funds need to be both HUD owned and in revitalization areas?

Asked by Arteacher, 72335 Fri Jun 19, 2009

I am a teacher in Arkansas and am looking at the HUD Good Neighbor Next Door program to help me purchase my first home. There are only 2 houses listed with HUD in my town, and just one is in a revitalization area. To qualify to use the GNND program, do I need to choose a HUD-owned house... or can I purchase any house in a revitalization area, regardless of the seller?

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Hello, Arteacher,

You have got 2 good answers from these 2 buyers. I have helped a police officer to buy a GNND home last year. They couldn't be more happier. It has to be a HUD house, contact any HUD approved agent in your market to help you with the bidding and check for availability. They are not available often, and you get it by lottery form, your HUD agent will submit the bid for you, and you will know the result after the deadline expires. Once you got the bid, you have 48 hours only to get the contract executed, earnest money, loan pre-approval letter all send out to the HUD office within 48 hours, or you will lose the bid. My advice is make sure you are pre-approved before bidding, cash ready for the earnest money, (it has to be bank cashier's check).

I have wrote a blog on http://www.activerain.com and also posted here on Trulia, please feel free to visit it. If you have any question, feel free to let me know.

Thanks.
Rita
Web Reference: http://www.ritafong168.com
0 votes Thank Flag Link Sat May 15, 2010
I'm a teacher in Denver and I bought a house through GNND. It wasn't easy, but it was well worth the 50% savings (and my very inexpensive mortgage). GNND houses not only have to be HUD-owned homes in revitalization areas, but only something like 5% of those are designated as GNND homes.
We actively bid on GNND houses for nearly a year before finally winning one. The process is slightly different by state, but for the most part, the GNND listings (http://hud1.towerauction.net/AR.htm for AR) are posted on a certain day each week, bids are due a couple days later, and if more than one person bids on a property, there is a lottery to randomly select a winner. If you go to the link and there are no properties available, try again every day for a week- the "no available properties" message often is put up after the bid deadline for the week, and before the new ones are posted. For example, here in CO there are no listings from Tues to Thurs (new properties are posted on Fridays, bids are due Monday.
Good luck!
0 votes Thank Flag Link Mon Sep 28, 2009
It has to be a HUD house in a revitalization area. I am also a teacher and have been waiting for a good GNND house to come available. In the past 8 months that I've been looking on HUD's website, there have only been 3 (THREE) houses eligible for this program in the ENTIRE COUNTY. They are rare. I have given up on finding one that is on my side of town. Check out http://www.hud.gov/offices/hsg/sfh/reo/goodn/gnndabot.cfm for all the official info.
0 votes Thank Flag Link Wed Jul 1, 2009
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