Lately, I've been featuring HUD Homes on my You Tube Channel at www.YouTube.com/GeorgiaRealEstate1. During the next few weeks and months, I will be adding more properties.
Check it out.
I'm an approved HUD Realtor and I'm often asked about HUD homes. Some of the questions I receive include (but are not limited to):
What is HUD? The U.S. Department of Housing and Urban Development. Please visit www.HUD.gov for additional information.
Do I need a real estate agent to place a bid for me? Yes, only licensed real estate agents can submit bids. In addition to being a HUD listing broker, Better Homes and Gardens Real Estate Metro Brokers can submit bids, on your behalf, on HUD homes. Simply contact your agent: Sara Hibbard at 404-660-2481, and we’ll begin assisting you immediately.
Do owner-occupants have a priority in bidding? Yes, there is an initial owner-occupant period of 30 days set aside at the beginning of the bid process which is referred to as the “Exclusive” bid period.
What are my financing options? You can use FHA or conventional financing to purchase a HUD home. You may also purchase a property with cash. If FHA financing is utilized, Owner Occupant borrowers have a minimum down payment requirement of only $100.
How can I obtain financing for my property? Metro Home Mortgage offers a full array of financing options including FHA. Contact one of our Better Homes and Gardens Real Estate Metro Brokers, loan representatives for a free pre-qualification and review of available programs. Ask Sara for a recommendation to a lender specializing in your area of need.
Will HUD make any repairs to the properties? HUD properties are sold as-is with no warranty. After your bid has been accepted, you are strongly encouraged to have a professional inspection done on the property. If there are unexpected surprises relating to the condition of the property, you will have an opportunity to cancel the contract.
Will HUD give money/credit for needed repairs to the property? No. However, you may wish to utilize an FHA 203K loan to finance repairs on the property. Depending upon the 203K program being utilized, funds may be escrowed for up to $35,000 for repairs to be done after closing. Very few lenders have the expertise necessary to process one of these loans, but Metro Home Mortgage has extensive experience in these programs. Again, Sara Hibbard will be happy to recommend a qualified Mortgage Loan Representative to you. Just ask. Call Sara at 404-660-2481.
Is an earnest money deposit required? Yes. HUD requires earnest money in the amount of $500 for purchase prices under $49,999 and $1,000 for purchase prices $50,000 and higher. Certified funds are required.
Will HUD pay closing costs? Yes. HUD will pay up to 3% of the purchase price in closing costs.
Keep in mind, only licensed Realtors can submit bids on HUD Homes. Better Homes and Gardens Real Estate Metro Brokers offers clients everything they need – real estate, mortgage, insurance and closing services. Your Realtor, Sara Hibbard is happy to submit bids on your behalf.
If you're interested in considering a HUD property, Sara Hibbard is looking forward to assisting you throughout the process when the time is right for you. Call Sara Hibbard anytime at 404-660-2481 or e-mail her at sara@SaraHibbard.com. Sara Hibbard is Glad Georgia Real Estate Is On Your Mind!
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