The U.S. Department of Housing and Urban Development oversees public housing and community development. After the sales contract is submitted and approved, HUD will schedule a closing date within 30-60 days. Because of this, HUD encourages buyers to have the home inspected in order to find out if any repairs will be needed. As a buyer who will live in the HUD Home, you get several advantages over investors.
HUD also may take away the ability for the real estate agent representing the buyer and their office to sell HUD homes. If a homeowner fails to make payments on a FHA loan, the mortgagee forecloses and files an insurance claim with HUD. Homes that are still on the market after the 15 day bidding period are then offered to investors.
If you are interested in learning more about the HUD home purchase process give Cindy Jones and CJ Realty Group …