how does buying a HUD property work? do you have to meet requirements? do they get the homes for free?

Asked by Cindy, Cuyahoga Falls, OH Mon Jun 23, 2008

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Cindy, Home Buyer, Cuyahoga Falls, OH
Mon Jun 23, 2008 you do summit county?
how much does an inspection cost.

by free.......i meant did hud get the home for free? not me.
on the taxes it said hud and the price paid was 0.

so then you don't have to have a low income to get one???
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John Wirsing, Agent, Pepper Pike, OH
Mon Jun 23, 2008
Hi Cindy,
Buying a HUD home can be a great opportunity.
By now, you know that you will need to work through a Realtor. As an approved HUD real estate agent, your bid is submitted on line. You will need to be pre-approved and add some Earnest money with your offer.
Homes are NOT free. Owner occupants may receive an advantage over an Investors bid.
Homes are sold "AS IS". Therefore, you will want to have an inspection by a professional inspector that represents your interests. Your realtor should be able to provide you a list of ASHI-Approved Home Inspectors. Cuyahoga Falls also has a home inspection department to help buyers.
There are types of mortgages available that can assist with money for repairs to your new home.
To find out additional info, please check out my website, http://www.CallRealtorJohn or contact me directly and I will be happy to lend you some assistance.
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David M. Chi…, Agent, Uniontown, OH
Mon Jun 23, 2008
Hi Cindy, I am an approved HUD real estate agent. As Mary stated these must be bid online after you have been shown the home and an offer is prepared. You must have a pre-approval letter and $500 to $1000 to put up for earnest money depending on the amount of the offer.
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Mary Starkey, , Dayton, OH
Mon Jun 23, 2008
In Ohio and in a few other states, HUD homes are handled by National Home Management Services. In order to purchase one, you have to have the help of a HUD approved real estate company. Your agent has to submit your bid online, and those who want to use the home as a residence have about a 7 day head start in the bidding process. It no bids are accepted during that time, then the bidding is opened to investors. HUD offers many incentives to help sell these homes. I have listed the website below, so you can start there for your information.
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