Thinking About Purchasing A HUD Home?

What's a HUD Home?

I get a lot of questions about HUD properties.  If you've been thinking about purchasing a HUD home, you probably have a few of the same questions that people ask me every day.  The questions I get most often include but are not limited to...

What's A HUD Home?    A HUD home is any residential property acquired by HUD as a result of a foreclosure action on a HUD-insured FHA-mortgage.  HUD becomes the property owner and offers it for sale to recover the loss on the foreclosure claim. 
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 all HUD homes. I'm a Realtor with BHGRE Metro Brokers, I will of course, be happy to assist you throughout the HUD purchase process.  Simply contact me at 404-660-2481 or e-mail me at sara@SaraHibbard.com.

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'll 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.  Let me know if you are interested in speaking with a Lender, and I will have a qualified HUD lender contact you immediately.  

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.

Sara Hibbard is a licensed Realtor in the Atlanta metro area.  In addition to regular re-sale properties Sara is involved with foreclosures, short sales and HUD properties too.  Call Sara with your many questions regarding HUD properties or the Atlanta metro real estate market in general or specifics regarding the home buying / selling / relocation process.  Sara Hibbard looks forward to assisting you throughout the process when the time is right for you.  Sara Hibbard is Glad Georgia Real Estate Is On Your Mind!  Sara is easily reached at 404-660-2481, Sara@SaraHibbard.com and www.SaraHibbard.com.