There is a brand new complete HUD homes Buyer’s Guide out there entitled ‘HUD HOMES FOR SALE’, which I have been fortunate enough to be called upon to review. In most cases you are not going to be rehabbing the homes but reselling them wholesale at a price below the initial HUD price. Before you can buy a HUD Home, you have to start by choosing a trusted real estate agent. Any agent who is registered with HUD can show a HUD home and submit a bid for purchase.
You need to locate a real estate agent that has experience in buying VA foreclosure homes. HUD becomes the property owner and offers it for sale to recover the loss on the foreclosure claim. Keep in mind that you can also obtain an FHA-backed mortgage to purchase a HUD home, as long as you qualify.
If you’re considering purchasing a HUD home, but you’re not all that familiar with the HUD program, you’re not alone. And just like most sellers in a usual real estate purchase, HUD will also pay the buying broker’s commission in most cases, so long as that is requested in the buyer’s offer.
How To Buy HUD Homes Now that you’ve learned a little about HUD Homes, learn how you can actually get a great deal on a HUD Home. If the sale is to an owner-occupant and does not close due to circumstances beyond their control, the money may be returned. If a HUD home goes under contract on the 11th day and that contract falls apart, then the home would come back on the market 11 days into the bid period, not 30 days or however the home has been for sale.
The Federal Government has several options for financing under which the HUD (Housing Urban Department) issues home loans to individuals for their property. To get paid, the selling agent must remember to insert wording in the contract to confirm that HUD will pay a commission.