Buying a HUD Home

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      I believe the HUD buying process gets a bad rap. The first thing to know is that you can find and amazing variety of listings. Big and small, fixer-uppers or beautiful move-in ready. The only thing that all HUD homes have in common is that they were once bought with an FHA mortgage that was foreclosed.

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     And yes, there is a lot of paperwork and all offers must be submitted online. But there are good reasons for this, and it is all to benefit you as the buyer! The paperwork is detailed but when you take the time to sit down with it before making an offer you will find that for the most part it is in very plain language. It tells you what you need to know up front before putting any of your time or money into making an offer. Submitting online ensures the seller sees every offer and there is a precise record of when it was received.

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 The HUD sales process is designed to be as consistent as possible no matter what neighborhood, city or state the property may be in. You and your agent will only need to take the time to learn the HUD buying process once. Property specifics will change from listing to listing. However, the process will be the same each time you find a HUD property. This is actually an advantage over other properties on the market where you could be facing any number of unknown scenarios and challenges (emotions) on the seller’s side.

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   There are some buyers and some agents who decide that the HUD buying process is just not for them. In this highly competitive market that is yet another benefit to you when searching for a property. Less competition! This is especially true if you are buying as an owner-occupant (will live in the home as your primary residence for one year). When a property is listed on HUDhomestore with an IE (meaning it is possible the current as-is condition would pass insured escrow allowing a buyer to use FHA Financing) those properties always begin with an Exclusive Bidding Period. Investor offers will not be considered during the Exclusive period further cutting down on your competition.

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   So, if there is a HUDhomestore property on your list to “maybe go see” go ahead and do a little reading now. You will feel much more comfortable and confident in the buying process if the HUD home turns out to be The One.

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Helpful HUD Links for Buyers:

• Contract Package for Owner Occupants or Investors: https://sageacq.com/sageacq/wp-content/uploads/2019/11/SageACQ_OO_IN_SALES_CONTRACT_all_areas.pdf
• Where to search for HUD homes: https://www.hudhomestore.com/Home/Index.aspx
• Download the Android search app: https://www.hudhomestore.com/mobile/HUDHomestoreMobileSearchAndroidApp.html
• Download the apple search app: https://apps.apple.com/us/app/hudhomestore-mobile-search/id548008055

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Agents and Brokers: We are here to help answer your questions. We pride ourselves on providing the highest level of support and cooperation to all buyer’s agents on our REO listings.

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If you still feel it is in your customer’s best interest to refer them to one of our REO Specialists for their REO purchase please email MarciaV@WatsonRealtyCorp.com