Hello, Iv been in the market for 5 months competing with my VA. The answer to your question really depends on the market where you are shopping. Good question, because there are several, said professionals who have been mining the HUD marketplace for many years. In addition to all the programs, HUD funds approved housing counseling agencies throughout the country that can provide advice on many housing-related topics, including buying a home.
They can only bid on homes in the extended phase and are ranked below other types of bidders in the bid selection process. HUD does not give a buyer any guarantee about necessary repairs or problematic conditions in the home. When HUD gets a property back, it turns it over to its Property Disposition Department which first secures the property from vandalism or damage.
HUD will pay a 6 percent sales commission to agents involved in the sale, whether sold through a broker or sold by HUD directly. If you are in the market for a HUD home, we have a dedicated team of HUD home experts waiting to serve you. In addition, we link to listings of homes being sold by other federal agencies You can even get directions to the properties that interest you, see their locations on a map, and find out what schools are in the area.
HUD usually tries to sell the properties that they acquire as fast as they possibly can because every month that the mortgage is not paid, they end up losing money. An owner occupant purchaser is a person who plans to live in the property as their primary residence for at least 1 year, and has not purchased another HUD Home as an owner occupant within the past 2 years.
Thoroughly enjoying your teachings as I try to get into the waters of HUD investing. In the mid-West, for example, there are many homes to choose from because of the price range (FHA only insures mortgages of a certain dollar amount) and number of foreclosures.