HUD Homes resulting from foreclosures often represent a great way to get a fantastic deal on a home. Aside from that these should just be used as disclosure to a buyer and regardless the HUD Home will be sold As Is. HUD also may take away the ability for the real estate agent representing the buyer and their office to sell HUD homes. It’s critical to recognize that the list price for a HUD Home is almost never the price you’ll pay.
In Colorado, HUD usually does not take less than 90 percent of the list price unless a home becomes an aged asset. Lender-owned homes in popular neighborhoods or in good condition may attract many purchase offers and may even sell for more than their listing prices.
This is allowable by HUD and most banks will allow this type of financing when you are purchasing a HUD home. If you are paying cash for a HUD owned home you will be required to provide proof of funds sufficient to purchase the property. HUD does not start a new owner occupant bid period when they change the price on a home.
The HUD Homes app is the first ever iPhone app to offer access to HUD properties exclusively. Since the new owner will be responsible for making any needed repairs, HUD strongly urges every potential homebuyer to get a professional inspection. Investors can only purchase HUD homes in the event that there are no interested potential homeowners.
Online public records – Searching the online public records for HUD properties is also a good idea. I tour Northern Virginia HUD homes on a regular basis and many of the homes are in nice condition, not perfect but they are priced competitively for the neighborhoods where they are located.