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Buying HUD Homes
Going The HUD Way
Buying a HUD home The best reasons to buy a HUD home are that HUD homes are sold through a bidding process and as long as they receive at least two bids, the highest bid is accepted. This means that many HUD homes sell for less then the minimum bid and at a large discount. HUD also pays the realtor's commission from your bid and they will pay the closing costs up to 5% of your winning bid. If you are an owneroccupant you can purchase HUD homes for as little as 3 percent down. How do you find HUD homes? You can get a current listing of the homes available in your area by contacting your HUD Regional office. You can find a list of HUD regional offices online at HUD website. All HUD homes are sold through real estate agents. When you get the list from HUD there will be an agents name with the listing. How To Bid On A HUD Home buyer After you have gotten a list of the homes in your area and have contacted a HUD approved real estate agent, you should then get prequalified for a mortgage. Then contact your real estate agent and look at the homes. If you find one that you like you can then submit a bid. You HUD approved real estate agent will help you complete the bid form. You will need to submit an "earnest Money" deposit with the bid. The deposit amount varies from 500 to 2000 dollars. You HUD real estate agent will be able to guide you in this. The bidding is by sealed bid and only the HUD official will see the bid on the day of the auction. Auctions are held a couple times each month in most cities. If you are a successful bidder you will be notified the day that the bids are open. You will then have 30 to 45 days to close on the house.
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Contributor's Note
http://www.printnpost.com/articles/7311/1/Bargain-Buying-Part-2/Page1.html
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