NEW YORK ( MainStreet ) Midway into the summer, Atlantan Lance Payne knew he did not want to spend another season in the heat and humidity of Georgia, but, as a retiree, he also knew he was in no position to go shopping for vacation getaways in pricey locations. HUD homes were properties with FHA insured mortgages from the Federal Housing Administration. That appraisal is usually the list price, and determines how much money HUD will take for the home. Call Kevin Kelly at 716-912-4483 or your agent for more information on HUD homes.
If your bid is acknowledged, your broker must submit a correct HUD Sales Contract, along with other required forms and Addendums signed by you, to the Asset Manager Regional office within 48 hours. Coincidentaly, I was listening to a Bigger Pockets podcast today that talked a little about HUD properties.
The Department of Housing and Urban Development (HUD) administers federal aid to local Public Housing Agencies (PHAs). HUD government programs may include special financing terms, down payment assistance or home repair rebates. For your convenience, gives you all of the available contact information for these homes with each listing.
Each lender has its own process for potential buyers to preview and then submit offers on its foreclosure homes. These properties offer the same low prices as owner-occupant offerings, and as a result HUD homes are some of the most sought after investment properties on the real estate market today.
If the sale is to an owner-occupant and does not close due to circumstances beyond their control, the money may be returned. If the home you’d like to see is in your area, you can also contact your preferred local real estate broker and ask if the office is approved to show HUD homes.