Myth: HUD homes are ramshackle houses only good for investment purposes.
Fact: HUD homes are purchased from a bank or mortgage company by the Department of Housing and Urban Development because the FHA had insured a loan on the property that defaulted. The property condition can vary from poor to very good.
The process of bidding on a HUD home is very straightforward.
Your original offer is submitted on-line. You will know if your offer was accepted within one week (sometimes much sooner).
Before you submit a bid you must have a letter from your mortgage company showing that you are approved for the financing to purchase the property. If you decide to pay cash, you must show formal proof of funds. A minimum earnest money deposit of $1,000.00 is required (certified funds, money order, or cashier's check is preferred).
If you would like assistance or have any questions about the HUD program, please give me a call or send an email message. I will contact you as soon as possible.
For more HUD info, visit hudhomesource.com (external link will open in a new window).
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