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  • From the Seller Info section: "Remember, prospective buyers will be 'comparison shopping' and keenly aware of subtle differences in houses for sale in the area. Be sure to tell your listing broker why yours is special - from any home remodeling to afternoon winter sunshine."

  • From the Buyer Info section: "The obvious source of money for your down payment is either your savings or the proceeds from the sale of a home you already own, but there are some other not so obvious sources. In recent years, for example, 'parent power' has taken some new twists for first-time buyers."

  • From the Marketing Plan section: "If your agent is not a good negotiator, not only will you not get the best deal, often your house won't get sold at all. We take pride in this aspect of our business experience."

  • From the Home Inspectors section: "Even if the home inspection is to be for informational purposes only, it is your duty to get a solid general knowledge about the property you are about to purchase. To date, the state of Maryland does not require a formal home inspection. The more you know the better."

  • From the General Contractors section:
    "Always make sure their license is active and in good standing. Make sure that the contractor you hire is fully qualified to do the job and not working under someone else's license as an apprentice or subcontractor."



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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Portions © 2009 Long & Foster Real Estate, Inc. Used with permission.