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2013-10-17 11:05:45
5 things you should know about HUD homes

What is a HUD home, anyway? You are about to find out. Does that give you bubblies in your tummy? You know, because you are so excited? Buckle up, here we go. Here are the five things that everyone should know about HUD homes. If you are more interested in bank owned homes, check out our 5 tips on buying a bank owned home.

 

1. HUD homes are not necessarily in bad shape.

If you are like most people, you have probably heard of a HUD home but don’t really know what it means. People usually think that a HUD home is any home that is in really bad shape. Well, it’s time to clear this one up once and for all. HUD stands for the US Department of Housing and Urban Development. A HUD home is just a home that was foreclosed and the person who lost the house had an FHA loan. If they had a conventional loan, the house would become a bank owned home. So while a HUD home might be in bad shape, it is doesn’t have to be to be considered a HUD home.

Utah HUD Homes

Here is a list of every HUD home in Salt Lake County, Davis County, and Utah County

 

2. HUD homes are easy to buy

Making a bid on a HUD home sounds really intimidating, especially when you read the property description and they tell you things like, “HUD makes no representations as the the existence of mold” and “property is sold as is by elect bid only”. In reality, you don’t even need to sign anything to make a bid. You just need to call a good HUD registered agent (I know a good one if any one asks) and tell them how much you want to bid. They will need some information from you (current address, full name, and social security number. Yes your SSN is required by HUD) and then you wait for a response.

 

3. Investors are not allowed to bid on HUD homes until owner occupants have had a chance to buy it

Investors have to wait until after people who want to buy the home to live in it have had a chance to buy it.

 

4. You can buy a HUD home with any type of loan

HUD doesn’t really care where the money comes from as long as its green and they get to keep it. As long as the property is in good enough condition to qualify for the loan that you want to get, you are allowed to buy a HUD home using any type of loan that you want

Utah HUD Homes

5. HUD homes tend to be good deals

HUD homes tend to be priced well and they often sell quickly. When you see a HUD home come up for sale, you need to get out there and see it quickly.

 

If you have any HUD related questions, call me, email me, or text me. I can show you any HUD home in Utah (I can actually show you any house in Utah, even if it’s not a HUD home).

 

Connor Southworth, SFR, CNE

Realtor ®

801-792-5326 (direct)

connor.southworth@gmail.com

 

utahdave.com/neighborhood experts

 
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