In Part 2 of this series Why should you purchase a HUD home? Many of the reasons for purchasing a HUD home were identified and listed.
Now we'll discuss how to go about finding a HUD property for sale. First and foremost, you should engage a good buyer's agent that is experienced and knowledgeable about HUD properties in your area. These agents understand the idiosyncrasies of HUD sales, and can help you find a suitable HUD property that is available in your area that is suited to your needs.
After entering into a brokerage agreement, your agent can assist you with setting up an account on a HUD contractor website. The website will allow you to search available HUD properties online, and will also permit you to download the inspection reports performed by HUD inspectors. Additionally provided is information about needed repairs, and a escrow amount that will be allowed to be rolled into your loan to complete the noted repairs.
The website will also clearly indicate the bid deadline period. Please be aware of this deadline when you are contacting your agent regarding a showing of a HUD home.
In Georgia, all HUD trained agents have a key that will open any HUD house offered for sale by HUD.
New HUD homes for sale are added daily, so it's important to stay informed on a daily basis. Once again, an experienced agent will make certain that you are aware of all HUD properties matching your criteria!
And once you find the property that is just right for you, it will be time for your agent to enter a bid on your behalf. The process will be discussed in the next installment of this series.
Next: Part 4, Bidding on a HUD home for sale. Previous: Why should you purchase a HUD home?
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Richard - Having done many HUD transactions, I can tell you this is a very good guide, one that I will save time by passing on to future buyers. Buyers really need to know the exact details on how to take advantage of these...or get a qualified HUD agent who can explain it. Really good series
Lots of good information here - thank you! p.s. Is the sweet little cottage in your photo for sale by any chance? I love that! ;-)
Before I got into RE HUD homes were everywhere. Not so much, so my experience is limited. I was talking to my broker today as we dined together (I am really stretching there) in the office. I am UP for the challenge, and am learning all I can. I think here in our town there is 1 HUD home that just came on the market. Out of almost 400 homes for sale, and we haven't seen one in a long time. Good thing you wrote this series, thanks!
Actually, if I were there and looking, you would be my first contact.
Richard, now that adorable log cabin can't possibly be a HUD home!
Great series Richard...you even touched on some points that I have been a bit fuzzy about!
This really a wonderful series my friend. Anyone buying a HUD home or thinking about it can certainly benefit from the great info.