Island Advantage Realty is the selected and preferred HUD broker for our service area and the authority when it comes to the HUD sales process. Copyright © 2017 Coldwell Banker Hubbell BriarWood Lansing, Michigan Real Estate Company. Because HUD is motivated to provide affordable housing, it will consider offers below a foreclosed home’s market value, and often provides special discounted buyer programs for those who qualify.
And if you bid on a home, and win the bid, you should be pretty sure you want to buy it, otherwise you’ll lose your $1000 EM. In addition, HUD homes are pre-inspected and may require you to put a set amount of money in escrow to pay for repairs (i.e. new roof, pluming problems, etc.).
Purchasers must use a broker or agent who is registered with HUD to place a bid on a property. Yes, you can use any lender, however, because the HUD purchase process is so much different than a normal home purchase, I would recommend that you use a local lender that is familiar with the HUD purchase process (this is important!).
We are a Listing Broker for HUD owned properties in Ventura County, San Luis Obispo, Tulare, Kern, and Northern Santa Barbara County, CA. We are HUD home specialist as well as a direct pay vendor for Freddie Mac. The exact amount is specified in the HUD listing and disclosed in a document called Property Condition Summary.
Be sure to avail yourself to all of the background information on the home’s history, including sales history, recent tax assessments, and the average sale price of comparable homes in the neighborhood. This program is only for people who are going to buy the homes to live in. It is not for investors!