Greg L, Home Buyer in Fort Lauderdale, FL

I am looking a at HUD forclosed home in the Virginia area.

Asked by Greg L, Fort Lauderdale, FL Sat Feb 9, 2008

Would any real estate agents reduce their commission in order to offer a lower price for the home? I believe HUD offers a 5% commission. Agents must be approved by HUD before they can submit an offer.
Thanks

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3
what does HUD mean I hear a lot of people use that word when it comes to homes
0 votes Thank Flag Link Sun Apr 7, 2013
HUD stands for the Department of Housing and Urban Development. The Federal Housing Administration, or FHA, is part of HUD and FHA guarantees mortgage loans. Home buyers can use an FHA mortgage to buy a home with only a 3.5% down payment. The biggest opportunity with a FHA mortgage is the 203k loan - its the one and only loan you can use to buy and renovate a home and include all the costs of repairs and renovations in with the mortgage. That are particularly good to use on HUD foreclosures because just about all of them need work.
Flag Mon Apr 8, 2013
Oh-- and I forgot to mention: the BROKERAGE is what is approved, not the individual agent. All an agency has to do is register with HUD- there is no educational or certification required, so interview the agents before selecting one to help you.
0 votes Thank Flag Link Sun Feb 10, 2008
Back in the day...when govenment repos (HUD & VA) were numerous and so were the buyers for them, I heard rumors of agents cutting their buyer agent commission in order to win the bid and at the same time, save the buyer money. All things are negotiable... just ask. Remember, though, you get what you pay for. I suggest that to win the bids you get an agent who is experienced in foreclosures. These are not for the novice.
0 votes Thank Flag Link Sun Feb 10, 2008
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