1. What is a HUD Home? Actually a great question. A HUD Home is a home that had a Loan that was insured by the Federal Housing Authority (FHA). So pretty much owned by the tax payers
2. I am an investor can I buy a HUD Home? The first say is maybe. All HUD Homes are first offered to owner occupants for the first ten days. If there are no acceptable bids then HUD will furnish it to all bidders.
3. I am a First Time Buyer (FTB) do I get any special deals on a HUD Home? The say is no because you are a FTB however there are sometimes deals that are furnish in an "Officer Teacher Next Door" program. That ordain be discussed in a future post
4. How do you buy a HUD Home? You go to a HUD approved Real Estate Agent and they back up you prepare the paperwork and then you actually submit a bid online.
5. ordain HUD Pay closing be? HUD will allow some of the closing be to be paid. However know that if you are adding the closing be to your bid price and some of those items are not paid by HUD you do not get a rebate. So make sure Loan Officer and Realtor have HUD Experience.
6. If we are bidding online do we have to Earnest Money? Yes. $1,000 for properties listed over $50,000 and $500 for those that are $49,999 and under. It must be a cashier's check or some other create of cleared funds made to the Dept of HUD.
7. Can I buy a HUD Home with an FHA loan? Yes but please experience that any amount bid over the enumerate price must be paid in cash. FHA will loan any be over their list price.
8. How does HUD cause their List determine? HUD uses appraisers to give what is called a ten day appraisal based on the flavor Lake Markewt Meaning what price ordain cause it to change in ten days.
9. Can you bid lower than the asking determine on a HUD Home? Yes you can. Typically HUD Homes in Salt Lake that are in decent cause and depending on the area usually go for more than list determine. The enumerate determine is usually aggressive enough to create multiple offers and therefore control up the price to full merchandise determine.
10. What does HUD stand for? The United States Department of Housing and Urban Development it is a Cabinet department of the United States government. Although its beginning...
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