You need to look at the GA HUD website: http://www.newbidselect.com/servlet/RouterServlet?p_build_pa
Being a teacher & first time home buyer also allows you special loans & first round selection of HUD homes. Also would recommend a lender that is experienced working with HUD loans. I can refer lenders to you if needed.
On this website it will explain the process to you. You will need an experienced HUD REALTOR like me registered to represent & place bids electronically for you.
There is a lot of information & details that canâ€™t possible be answered in a short blurb. But here it goes:
1. A pre-qualification letter from the lender must accompany your offer. This letter must indicate that the lender is aware that the buyer is purchasing a HUD home and that a credit report was to determine loan eligibility.
2. All offers are subject to mortgage insurance company approval. The buyer does not have a binding agreement until they receive a copy of the executed contract from the seller.
3. Earnest money in the amount of $500 (sales price under $49,999) or $1000,00 (sales price over $50,000) must be in the form of certified funds, money order or cashiers check made payable to the Selling Agentâ€™s Real Estate Company.
4. A HUD property is Sold â€œAS ISâ€. This means no repairs will be made. A home inspection is at the Buyerâ€™s discretion and expense and must be ordered 15 days od accepted contract. Buyer must request and pay for all utility service activations.
5. A termite letter is available and must be ordered 7 days prior to closing
6. Seller does not provide a Home Warranty Protection Plan.
7. Closing services will be preformed by Sellerâ€™s closing attorney. The purchaser may have their own attorney in addition to or in lieu of the sellerâ€™s; however this is at their own (the purchaserâ€™s expense).
8. All closing dates that are extended will be at the Buyerâ€™s expense. Extensions must be requested prior to the expiration of sales contract with a money order, cashierâ€™s check or certified funds delivered to HUDâ€™s closing attorney.
9. All closing packages must be at the closing attorneyâ€™s office 3-5 days prior to closing.
10. Terms in the sellerâ€™s addendum override any conflicting information in the GAR form.
Your contract has many time sensitive requirements. Go to the HUD sight and read the contract completely and if you have any questions do not hesitate to call me.
I would like the opportunity to represent & help you.
John J. Reinhardt
RE/MAX Greater Atlanta