Information on HUD Homes
HUD homes are single-family to four-unit properties owned by the United States Department of Housing and Urban Development. These homes were formerly FHA-insured homes where the owners defaulted on mortgage payments. HUD homes can prove to be very good real estate investments if a potential homeowner or investor is knowledgeable of their benefits.
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Finding HUD Homes
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Listings of HUD homes can either be acquired through an approved HUD Realtor, a Marketing and Management Contractor, on a multiple listing service or through the HUD website.
Purchase Process
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A contract for purchase can be submitted during the priority and offer periods if the home will be owner-occupied. After this period, investors can make offers. The highest bid is usually accepted.
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Condition
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All HUD homes are sold in "as-is" condition. Any defects in the property will become the responsibility of the purchaser to repair.
Pricing
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All HUD homes are appraised and offered for sale at market value. All list prices already reflect any repairs that the home may need.
Precautions
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When purchasing a HUD home, any potential buyer should have a home inspection performed by a licensed home inspector before the purchase is complete.
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