Is thair a discount for first time home buyers from Hud?

Asked by Candy, Stone Mountain, GA Tue Aug 18, 2009

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Brian Burke, Agent, Highlands Ranch, CO
Wed Aug 19, 2009
The is a $100 down program with a FULL price offer.
We work HUD homes all the time. You can find All HUD homes in Denver at
http://www.kennarealestate.com/idx/search.html?submit=true&a…

Brian
0 votes
Benjamin Ber…, Agent, Denver, CO
Tue Aug 18, 2009
There are no specific "discounts," per se, but there are significant advantages to purchasing a HUD home over your typical REO, owner occupied, and short sale properties on the market today. The first and most beneficial aspect of purchasing a HUD home today is the initial 14 day period where only "owner occupied" purchasers are allowed to bid on the property. This eliminates the competition from investors which is so prevalent in today's market. The second big advantage is that HUD has already done a thorough inspection, after which they build a repair escrow amount into the price. This money is set aside for repairs needed to meet the FHA standards for health and safety (including the ability for the purchaser to get a 5yr certification on the roof.)
The tax credit for first time home buyers is still in effect (on all purchases) through the end of November, whether you buy a HUD or not.
One advantage specific to the Denver metro area in regards to HUD properties right now is price. The HUD properties are priced from current tax assessments. Because taxes are paid "in arrears," (pay for 2008 taxes in 2009) the property values used on the most recent taxes are based off sales from mid 2007 through mid 2008. In much of Denver and surrounding suburbs those sales prices reflect the peak bottom. This is why the HUD prices appear to be so much lower than everything else in certain neighborhoods. If you're looking at a HUD property priced way below everything else in the area, it's a good idea to bid full price. The agents listing these HUD's are aware that the properties are priced under market value. If someone who intends to live in the property does not bid full price, they know that an investor (non owner occ) will.
0 votes
Derrek Patri…, Agent, Greenwood Village, CO
Tue Aug 18, 2009
Candy,

Unfortunately not. HUD properties are easy to find, easy to gather info and easy to see. I am closing on one very soon. How is it I can help you?

Derrek
303-470-9880
derrek.patrick@coloradohomes.com
Web Reference:  http://www.derrekpatrick.com
0 votes
Allison Smith, Agent, Denver, CO
Tue Aug 18, 2009
The short answer is "no". However, if you qualify under HUD's Good Neighbor Next Door program, then you may be able to purchase a HUD home in a designated revitalization area for a 50% discount. For details, check out the HUD link below.

Allison K. Smith, CRS, EcoBroker
Showcase Properties Unlimited
http://www.ColoradoDreamHome.com
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