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Clarissa Lop…,  in Homewood, IL

How do HUD properties work? How long is the process?

Asked by Clarissa Lopez, Homewood, IL Sun May 11, 2008

I have been wanting to do help clients with HUD homes, but i seems a bit scary. I was told it was too much work, too much time, and not enough time. what is the process? what do buyers have to do in order to get one?

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Hi Clarissa! Yes, HUD homes do require more paperwork and sometimes you won't get an accepted offer signed for up to six weeks in some cases. However, once you get a couple under your belt, you will do just fine. There are incentives for these HUD homes also. FHA will pay the real estate agent up to $500 extra. Also, the buyer can buy a HUD home for as little as $100 down and still get up to $2500 towards repairs or closing costs. If you want I can send you information on it. Kathy Borucki
0 votes Thank Flag Link Mon May 19, 2008
Clarissa: It is never too much work. You need to ask your broker for the website for HUD homes in your area. For Mississippi it is hooksvanholm.com. The website gives an overview of what buyers and brokers need to do in order to purchase a HUD home. Our HUD's pay 5% commission! Ask your broker about upcoming training in HUD homes. Our board provides this training about once a year.
0 votes Thank Flag Link Tue May 13, 2008
Clarissa,
Most agents don't like HUD sales because of the extensive paperwork and procedure involved. Once you've done a few, though, they are actually very easy. Sit down with an agent who has done one (or run thru all the docs on your own) to get a handle on all there is to do and you'll be fine. As an aside, anytime I hear a couple of agents saying something is too hard, too long, too much, etc. that is something I look to do immediately.
Good Luck,
Tim
Web Reference: http://www.SoperTeam.com
0 votes Thank Flag Link Mon May 12, 2008
Clarissa,

HUD homes are definitely a pain, but just like anything, after you close a couple, you'll feel a lot more comfortable with the paperwork. Don't be scared. :)
0 votes Thank Flag Link Mon May 12, 2008
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