Home Buying in Denver>Question Details

hanson0807, Home Buyer in Aurora, CO

My wife is a teacher and is eligible for the "Good Buyer Program" she gets 50% off a property. Is that for any property?

Asked by hanson0807, Aurora, CO Fri Nov 9, 2012

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Robert McGuire’s answer
Hanson0807,

Good to see you here again. The 'Teacher Next Door Program' is a program attached to the HUD Foreclosure system of foreclosures. It is not for any property. It is set up for teachers, fire fighters, and police. The program has limited properties allocated and available and there is a 'lottery' system to determine who wins the bid on the homes. There were more homes available before hurricane Katrina. Many of these homes were allocated to Katrina refugees and taken out of this HUD program. Now there are still limited homes available and I only know personally of 1 or 2 people who have benefited from it. It is certainly worth a try if there is a home in a certain community that would work for you if you 'win the lottery' in this program.

Robert McGuire ASR
Realtor/Consultant
Your Castle Real Estate
Direct - 303-669-1246
http://about.me/robertmcguire33
1 vote Thank Flag Link Fri Nov 9, 2012
Hi, the Good Buyer Program is for certain properties! It is a wonderful program, but you cant be too particular on your wants. If you would like me to run a search for you to provide examples of which properties would be included - dont hesitate to let me know. My husband is also school teacher, and when we were looking to buy we were slightly disappointed in the inventory/locations we could select from through this program! I help many buyers find the perfect home for them. If I can assist in any way let me know, I am available next week to meet for coffee and discuss further. Thanks Julie

Julie Bloch Burton - Broker Associate, Realtor®
Brixton Real Estate - http://brixtonassociates.com/
Cell Phone: 970.396.7435 | Fax: 720-306-2397
email: julieb@Brixtonmail.com
0 votes Thank Flag Link Wed Nov 14, 2012
Hi,

The Good Neighbor Next Door (GNND) is an excellent program and the answers and links have been mostly accurate. Colorado has had a decent supply of GNND homes available through HUD and I typically lend on 2 - 4 properties a month. Most of the homes require rehabilitation and therefore, the FHA 203k is the usual product. I like to say that 75% of the homes require 203k and at least half of the rest choose to do a 203k to update the house.

In addition to the great discount of 50% of the purchase price (no overbidding) is that the buyer/borrower is able to finance the closing costs and realtor commissions into the loan. The minimum investment is $100, but you will need to have 1% of the purchase pricea available for the earnest money when you win a contract.

A couple of my realtor partners specialize in the GNND program and HUD homes and I'd be happy to refer you if you need help. Feel free to contact me with any questions about this program, the FHA 203k Renovation loan, or HUD property financing.

Matt Ackerman
Universal Lending Corporation
NMLS 280052
303-759-7331
0 votes Thank Flag Link Sun Nov 11, 2012
Go to HUDhomestore.com to find eligible properties in your area.

Marina Bay
Cherry Creel Properties
0 votes Thank Flag Link Sun Nov 11, 2012
This is a great program. The only downfall is the limited amount of homes that are available. Search for all homes and if you find a good neighbor one you are in a great spot.
0 votes Thank Flag Link Sun Nov 11, 2012
You have been given excellent answers below. Normally, the Good Buyer Program or Good Neighbor Next Door Program are offered by HUD (Housing and Urban Development).

This is designed to encourage renewal of revitalization areas by providing law enforcement officers, firefighters, emergency medical technicians and teachers an opportunity to purchase homes in these communities.

HUD provides a substantial incentive in the form of a fifty percent discount off the list price of eligible properties.
0 votes Thank Flag Link Sat Nov 10, 2012
limited to certain neighborhoods and properties. The usual catch: up-n-coming locations, transition locations, fixer uppers. Yet one heck of a great program if you will compromise on where. Only thing is, the tree most important things in buying a home are: Location, Location and location...
0 votes Thank Flag Link Fri Nov 9, 2012
You should GOOGLE: "good neighbor home buyer program"

This is a HUD program; so it has to be a HUD house.
It has to be in a "revitalization" area,
and you have to qualify for it.
And you have to live in it at least 3 years.

Only select Realtors are set up to deal with HUD homes, so we have to qualify too.

Good luck and may God bless
0 votes Thank Flag Link Fri Nov 9, 2012
I have closed a few of these and wrote a Trulia article on the process. Feel free to contact me if you would like more info and the current inventory can be found here:
http://www.hudhomestore.com/Home/GNND.aspx

The inventory can change daily so check often.
0 votes Thank Flag Link Fri Nov 9, 2012
In addition to them being rare, they are only HUD homes (government owned). Plus these homes are typically in less then move-in-ready condition. But the first place to look is asking your Real Estate Professional that knows what they are looking for, and the HUD website. Best of luck!
0 votes Thank Flag Link Fri Nov 9, 2012
Hi There,

If you are referring to the Good Neighbor Next Door Program, it's a HUD (U.S. Department of Housing and Urban Development) incentive. I've provided a web reference with all the details below.

If you have additional questions, or if I may assist you in any way, please give me a call.

Jean Stevens, Broker/Owner
The Stevens Group
303.919.9994
http://www.ColoradoLiving365.com
0 votes Thank Flag Link Fri Nov 9, 2012
No. HUD has an inventory of homes available for that program. Contact any broker who is registered to sell HUD homes for a list of those properties.
0 votes Thank Flag Link Fri Nov 9, 2012
You are referring to the good neighbor next door program offered on HUD homes. Go to HUD.gov for more info on the program or feel free to contact me for more info.

Andy Eisenbaum

Broker Owner
Irontree Real Estate

(303) 335-9801
Andy@IrontreeRE.com
0 votes Thank Flag Link Fri Nov 9, 2012
Are you referring to the ''Good neighbor next door'' program? If so no it is not just for any program the property needs to be deemed as eligible. The GNND program is awesome but the problem is the properties come along very rarely. We did one down in Pueblo about a year ago and at the time it was one of two in the entire state of Colorado.

Best of luck,

Nic
http://www.nicnethertonloans.com
0 votes Thank Flag Link Fri Nov 9, 2012
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