HUD homes are aimed at low to moderate income buyers and great for first time homebuyers.  When a lender forecloses on an FHA home insured by HUD, HUD pays the lender the amount owed and then tries to sell the home at auction. This allows buyers to get the home way below market value.

HUD homes are sold as is, so if there are any repairs needed, it is at your expense.  The repairs can not be financed into the loan, so the funds will need to be out of your pocket at closing.

To view HUD homes go to http://www.hudhomestore.com/Home/Index.aspx, if you find a home you are interested in, tell a participating real estate agent that you want to place a bid and they can submit your offer for you.  An agent must submit your offer. You should hear back within 48 hours if your bid won.

Contact me today to get pre-approved prior to making an offer to see how much house you can afford.

 

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