What is the process for buying a HUD house?

Asked by Slowfoodisgood, Concord, CA Wed Aug 15, 2012

A home has a HUD poster with case # but this home is not on the HUD website. What does this mean? Is it not really for sale or has it already sold? If it was on that website what is involved in buying a HUD home? Does it require cash? Is it an auction only?

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Nick Solis’ answer
Nick Solis, Agent, Walnut Creek, CA
Thu Aug 16, 2012
HUD homes are awesome, we sale a lot of them. Very easy to work with and obtain financing. They are not auctions, they simply use a online offer system which add a ton of transparity. HUD deals have specific details and the question you need to ask you Agent is how many HUD homes have they sold to a Owner Occupied seller in the last quarter. You will be surprised. The homes have already been appraised and inspected for section 1 damage prior to listing. There is also a repair list to see what your getting into before you ever waste your time seeing it. The home will show if the home has a insured or non insured FHA loan on it, this is key and a way to test your Agents knowledge.... If using a FHA loan its a great fit, you save on the appriasal and section 1 repairs which are a minimum of 600 in savings and maybe thousands. They will also provide a repair escrow for additional repairs but be sure your lender can work with those, most cant and will only find out when your at closing. We do them all the time. Again these homes are something we do a lot of, and we also finance them with all types of financing, but FHA is the best fit and will increase your chances of acceptance. Also they are only for offer by Owner occupants and non profits for the first sales period. Act fast. We are at 1210 Central Blvd Suite A if you need to meet with us.
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Mark Schwell…, Agent, Oakley, CA
Wed Aug 15, 2012
HUD homes are assigned to a listing agent and prepared for marketing on the MLS in much the same way as a standard foreclosure. Several key differences do exist: 1) Your agent must be an approved HUD agent in order to submit the offer, 2) newly listed HUD homes typically have a 14 waiting period where offers are collected, but not reviewed. All offers received are opened to determine highest and best on day 14. The home you found the notice on may be in pre-marketing and not assigned to an agent yet. We call these coming soon. For more information on purchasing HUD properties, please call Kay Tarango at 925-998-9329.
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Gene Riemens…, Agent, Brentwood, CA
Thu Aug 16, 2012
Get a registered HUD agent. They are the only agents that can assist you with a HUD purchase. Watch the HUD Site for the home to come up. You can get a HUD home with financing just like any other home. Generally HUD homes are on line auctions. However, you will need you financing set up in advance.
HUD homes are a challenge as you will need to provide them with the actual signed documents - no fax copies - no docusign.
As a HUD Broker what this means is a lot of running around getting actual signatures and then FED Ex docs into HUD.
Call me if you need help with a HUD home at 925-260-4321.
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FHA 203k Mor…, Other Pro, CA,
Thu Aug 16, 2012
It could mean it's just not listed yet. On the question on what's involved and financing you can get more info. on that from the web reference below:

Best of luck
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Angel Hernan…, Agent, Concord, CA
Wed Aug 15, 2012
All HUD homes that are for sale will be on the HUD website. http://www.hudstore.com

Any HUD registered realtor agent can place and offer for you. HUD usually accepts financing for their properties.

If you can not find the case # it may be pending sale. Feel free to contact me and I can look up the case number. I am a HUD approved agent.


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