At times we have HUD homes in Northern Colorado available for sale through Blue Tree Real Estate. HUD provides a Property Condition Report but that is only their inspector’s opinion and is only based on that moment in time. If you have trouble contacting your local public housing agency, contact your local HUD field office for help. Another bonus for home buyers is that HUD gives preference to owner-occupants who intend to live in the home for at least one year, so odds are good you’ll beat out investors to boot!
HUD reviews the bids the following business day and the results are posted on the web site by 4:00 PM EST. 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.
The definition of Housing and Urban Development homes are: Houses which had a mortgage guaranteed by the HUD. Eligible nonprofit organizations, can bid on homes in lottery, exclusive, and extended phases provided they are in approved purchase areas. Other benefits include the different down payment assistance programs that HUD offers including the HUD $100 down program in Charlotte, NC and surrounding areas.
Plus, HUD offers special incentives to buyers in certain markets to sweeten the deal. Named one of 30 in 30 in the brokers’ magazine in May 2002, Realtor Rookie of the Year for the Greater Baltimore Board of Realtors in 2003, and advisor to the scope, the city of Baltimore (Sale City owned properties Efficiency) program.
HUD houses are backed by loans guaranteed by the U.S. Department of Housing and Urban Development (HUD). The site can provide you with current information and listings of homes you can buy. For example, there’s an offer period for HUD homes, within which all bids must be submitted.