Demystifying Hud Homes

Dated: December 13 2013

Views: 2192

Demystifying the ‘HUD’ Home 
We’ve all been there:  browsing the MLS for homes up to our price range…. And there, like a bright beacon, is an awesome looking and perfect sounding, HUD home.  And we think  “Oh, I really don’t know what that is, but it sounds like a headache.”  But unlike foreclosures and short sales, HUD homes are relatively easy to purchase, and they can come with a bundle of perks to boot!HUD stands for Housing & Urban Development, which is an arm of the federal government in charge of ensuring low and middle-income citizens, a chance at the ultimate American dream… owning a home.  There are crazy deep discounts given on these properties, especially for law enforcement officers, firefighters, emergency medical technicians and teachers, although any owner-occupant has a fantastic chance at calling a HUD home their own.  HUD Homes are typically re-assumed parcels which were previously financed with an FHA loan and have already gone through all of the hoops the foreclosure process needs to commence.  There is a short amount of time these homes are on the market; they disappear just as fast as they appear.What does this mean to you?  That means the home is on the market, and listed to sell in a hurry, at a bargain price!  It may be a little fixer upper, or a home in perfectly, turn-key condition.  No waiting days upon days, or months for a response, no bidding wars.  And did I mention the behind-the-scenes perks these homes can provide?  If the home of your dreams is a HUD home, you may be able to get the following perks, depending upon the home itself or your type of financing:-HUD may provide a septic inspection ($$$)-HUD may provide a lead test & up to $5,000 worth of hazmat, lead removal ($$$$) on FHA financing-Provide FHA appraisal ($$$)-HUD can offer loan assistance through a 203(k) Rehabilitation Loan Program, up to $35,000 ($$$$$)-HUD can pay up to 3% of the buyers financing and closing costs ($$$$)Speak with your Real Estate Agent about any specific HUD homes you are interested in and remember:  time is of the essence!  These homes are priced to sell and will be gone in a matter of days.  If you really want a particular parcel - you’ll need to act fast, and come in at your best, calculated, offer.  You really only get one shot at these homes, so make it count.  We specialize in Hud Homes!  Give me a call at 541-761-1188.
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Megan Womack

Megan Womack came to Front Door Realty with over 10 years of customer service experience. She thrives on making sure our clients come first, is the ultimate people person, and makes friends everywhere....

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