Home Buying in 55106>Question Details

Lori, Other/Just Looking in 55106

Would you tell me more about a HUD home? And, a Housing Choice Voucher through HUD? Thank-you.- Me :)

Asked by Lori, 55106 Thu Jan 28, 2010

What I mean by a HUD home is when I am scanning through homes online through Edina realty and every now and then there will be a home listed as a HUD home.

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Mary Jo Quay’s answer
As you probably know, HUD are government owned, and there are a few things to know.

Most HUD homes give buyers who will live in the home a 'first look.' This means that they won't accept investor offers for the first 30 days, they will only accept owner occupants.

And as Ryan states, it should already have an FHA appraisal for value, and for condition.
This doesn't guarantee that there are no repairs, sometimes there is a required escrow for repairs.
The buyer would be required to put money aside to insure that the repairs are completed.
HUD doesn't make repairs for the buyer, it is always an 'as is' sale.
There is no seller disclosure or Truth in Housing inspection report with HUD, they do their own condition report. You are strongly urged to have an inspection of the home before you make an offer.

Depending on what you are looking for and where, there may be other options. If you are a first time buyer it's good to have company looking at homes. if you have a friend or family member with some experience ask them to come along on a couple showings so they can point out things that you might miss.
0 votes Thank Flag Link Sat Jun 1, 2013
HUD homes are actually pretty cool because they are usually already appraised for a FHA loan. You need to know though if the home is insured or not insured when it comes to the type of financing you are using. Also HUD homes can be purchased for only $100 down! Some HUD homes can also be bought for 50% off if you are a community service related employee!

I'm not sure what a Housing Choice Voucher is but I'm sure a simple google search can reveal the answer.
0 votes Thank Flag Link Thu Jan 28, 2010
Lori, here is a link that explains buying HUD Homes. Hope it helps.
0 votes Thank Flag Link Thu Jan 28, 2010
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