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HUD Homes - What are the facts and how does a buyer purchase this type of home?

These homes were taken back by the government on mortgages that were foreclosed.  They have rules which we have to follow closely in order to purchase this home.

When a HUD home comes on the market, it is listed in our Multiple Listing Service by a company that is a registered HUD agent.  Tropic Shores is a registered agent to list and sell.   A realtor must be with a company that is registered in order to submit a bid for the buyer and also to show the home.  If a buyer likes the home, they tell the realtor their offer and the realtor puts the bid in on line.  HUD initially lists the homes to non profit agencies and thereafter, to "all bidders".  They prefer owner/occupants to investors because their goal is to have owner/occupants.  They usually hold the bids for 30 days for the best offer.  Keep in mind that HUD does a certified appraisal and they price the home at what it should be at today's market.

All buyers must have proof of funds if cash, or a pre approval letter from a lending institution.

If the buyer's winning bid is accepted, the Asset Management company assigned to this property sends the realtor the contract and other forms.  A check made payable to HUD is forwarded with the contract, etc., to the company who is on the instruction sheet.  The title company does the search, and if all is well, your realtor is in touch with everyone and coordinates a closing.

Call us today if you would like to view a HUD home, or any other kind of home.  We are HUD registered agents. We can show you homes in Hernando County (Spring Hill, Weeki Wachee, and Brooksville).

If you are not sure of credit scores or if you will qualify, we hold a Homebuyer's Seminar the first Tuesday of every month at our office to explain different programs and show you homes.  You must call to reserve a seat and there is NO pressure whatsoever.

Elsie Kempsey  (352-428-5232)

Julie Ludovico   (352-442-9386)

Team Tropic Hernando/Tropic Shores Realty

 

 

 

Published Monday, March 07, 2011 8:24 AM by Julie Ludovico & Elsie Kempsey

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