In part one of this series: What is a HUD Home? we discovered that a HUD home is a foreclosed property that had an FHA loan associated with it that was guaranteed by the United States government. The Department of Housing and Urban Development (HUD) actually takes title to the property.
Now in part 2 of the series we'll discuss the reasons as to why a HUD home may be a good purchase opportunity for a buyer:
First and foremost, HUD homes are priced in such a way as to encourage competitive bidding on the property. So many are priced below the average market price in a given neighborhood and can be genuine bargains for a potential buyer.
And even if the HUD home needs minor repairs, they can be are identified as "escrow" repairs by the HUD inspector, which means that money will be put into escrow to accommodate the repairs. In some cases, a home that needs extensive repairs may fall into a different category, but that's for another article!
Now here are some more great reasons to buy a HUD home in Georgia: All homes that qualify for FHA 203B financing can be purchased for only $100.00 down! That's right, only one hundred dollars down. Also, many of the homes qualify for a $1000.00 buyer's bonus. And since HUD pays up to 3% of closing costs, you can literally walk out of closing with a new home and a check!
And did I mention that first-time homebuyers could qualify for up to an $8000.00 refundable federal tax credit and up to an $1800 Georgia Income tax credit? That's more compelling reasons to purchase a HUD home now!
So if you can buy a HUD home at a below market price, and pay little or no money down, what are you waiting for? Call a HUD sales experienced real estate agent today!
Part 1: What is a HUD Home? Part 3 soon: How do you find a HUD home that is for sale?
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Learn more about Coweta County and Fayette County Georgia Real Estate, and to search the entire Georgia MLS for free with no registration required visit CowetaFayetteRealEstate.com! Photos of the Great Smoky Mountains National Park.
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All content, including text, original art, photographs and images, is the exclusive property of Coweta Fayette Real Estate, Inc., and may not be used without the expressed written permission of Coweta Fayette Real Estate Better Homes and Gardens Metro Brokers, Newnan Georgia. All information is believed to be accurate but is not warranted, Copyright 2003-2009. Richard Weisser REOS, E-Pro. licensed Auctioneer. 770-827-6225.
Learn more about Coweta County and Fayette County Georgia Real Estate, and to search the entire Georgia MLS for free with no registration required. Visit CowetaFayetteRealEstate.com! Photos of the Great Smoky Mountains National Park. North Georgia Photos.
Richard I get questions all the time on whether or not buyers should consider these - this should be a great series for professionals and home buyers alike.
Richard, this is a great series. (I am behind in my reading/commenting so forgive me). I love this, so important as people are confused by this all the time! Until recently we did not run across HUD homes here very often. I am sure that will change. My broker took out the HUD key and dusted it off.
Well done, as always!
If you find the right one and you're ready to buy, some HUD homes can be a fantastic find.