The purpose of the Teacher next door program (firefighter and police) is to bring professionals into depressed or low end neighborhoods to "improve" the demographic
Cherry Creek Properties
A HUD is just another type of Seller. it is sold "as is"...buyer beware.
I say to all potential buyers out there...Call your Realtor and get off of the fence! With deadlines apporaching of the stimulous $ going away, supply of homes being down (under $250K), interest rates rising, you need to FOCUS now!
Give me a call and I can guide you though the process at no cost to you.
Note that many of the homes in this program may be located in areas designated by city governments as NSP - Neighborhood Stabilization Programs. Google that and read up on that too. As always, inspections are always suggested for buyers. Kind Regards!
Realtor/ Broker Associate
Keller Williams Realty Success, LLC
Urban areas usually don't have a lot of HUD homes though.. do your home work first about how to buy a hud home, be sure to find a good inspector for it..after it is under contract, the price you pay is make up with the fix ups.
ReMax Leaders ( Denver, CO)
Like in the other answer they are pre inspected and like any home purchase must or should be inspected by an Inspector of your choice once you have the home under contract.
I have purchased a HUD house and have enjoyed living in it very much. It was "as is" but I knew that going into the deal and had a home inspector check it out for me too. I have had to fix a number of things in the house and spent quite a bit of money doing so but it was all worth it to me. I have looked walked through over 100 HUD homes as I searched for the one I live in now and as I see others come on the market. I have very much wanted to be a teacher so that I could get the incredable deal that you will get on a HUD home. 50% off of the price!! And if you have a good inspection done so you know how much repairs you will need to do then even though there are some risks the 50% discount more than makes up for it. There are risks in buying any house, even ones with a home warrenty. I really love my house. There have been a number of HUD homes that were beautiful "move in" condition. Of course the price is higher too but...at a 50% discount for teachers and police officers, if I found a house I liked in an area that I was happy to live in and then had my home inspection to make sure there was nothing HUGE wrong like the foundation etc...I would be jumping for joy to buy the house. Happy house hunting! You should get paid A LOT more money as a school teacher! But, since the pay scale for teachers doesn't seem likely to change anytime soon at least you get some bonus benefits that the rest of us don't get. I hope you get a Great Deal on a house and have a lot of equity when you sell down the road.
ps. there are hud houses in the middle of kansas and north dakota...they don't have to be in Urban areas. They have simply been insured by the government and it is the responsibility of the Department of Housing and Urban Development to sell these houses. There are some good realtors that will sit down with you and explain all of this to you. You can also go to http://www.hud.gov/ which will give you enough reading to explain everything to you or drive you nuts because of so much information (depending on you of course). Take care.
Good luck and happy house hunting.
Coldwell Banker Triad