Are you on the hunt for a new home? Congratulations! Buying a home is a huge accomplishment and can be a very exciting and fun process. When purchasing a home, you should consider several factors. Is the home in a location that works for me? Is the home in my price range? Does the home fit all of my needs?
When buying a home, one option to consider is HUD homes. In some cases HUD homes can be extremely affordable, which makes them great for first time buyers or families on a budget. You might be asking yourself “What the heck is a HUD home?” Well, let us answer some frequently asked questions for you…
- What does HUD stand for? HUD stands for Housing and Urban Development
- What is a HUD home? HUD homes are a result of a foreclosure action on an FHA insured mortgage.
- Who can purchase a HUD home? Anyone who has the required cash or can qualify for a loan (subject to certain restrictions) may buy a HUD Home. HUD Homes are initially offered to owner-occupant purchasers (people who are buying the home as their primary residence). Following the priority period for owner occupants, unsold properties are available to all buyers, including investors.
- How do I purchase a HUD home? To purchase a HUD owned home you must work with a HUD registered real estate broker, like our team, and we will submit a bid on a home for you.
- Is the list price always what a HUD home will sell for? Not necessarily. A HUD-owned home can sometimes sell for less, but a HUD home can also sell for more than the list price, and there may be several other offers you may need to compete with. Our team can provide more details about the HUD home purchase process. Call us!
- Are HUD-owned homes always in need of major repairs? No, not always– every home condition is different. However, HUD homes are sold ‘AS IS’ with no warranty of any type. Therefore, we recommend you get a home inspection to identify any potential or existing problems with the home so you’ll be prepared for any necessary repairs you may want to make after purchasing the home. Our team can provide you with a list of trusted home inspectors we have worked with in the past.
- How do I find HUD owned homes? All available HUD owned homes are listed on www.hudhomestore.com as well as on our local Multiple Listing Service (MLS). Our website is a convenient, easy place to search because we pull all search information from our local MLS. You can search for ALL homes in one location at www.UtahDreamProperties.com
If you think a HUD home might be right for you. Give us a call at 801-821-9401 or visit our website www.UtahDreamProperties.com to see how we can help simplify the home buying process for you and help you find your dream home. You can visit www.hudhomestore.com or www.sageacq.com to learn more.