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If you are interested in buying hud homes, the below will answer most of your questions and if you have other questions, please call or email me for the answers. There is without a doubt some incerdible hud homes to be had. All you have to do is search for them. I specialize in the sale of hud homes and am an incredible knowledge base at your service.

Question 1: Please tell me what a Hud Home Really Is?

Answer: A hud home is a home that was owned by someone who held a mortgage that was insured by the federal government and that type of mortgage is called an FHA insured mortgage. If the owner fails to make the payments on schedule, the bank or lender will do what is called a foreclosure on the property. If there is a loss, the federal government will make up the loss to the lender. At this time the property is placed on the market for sale and is now called a HUD home since the Housing of Urban Development now owns the property. That means the new buyer will be purchasing directly from the federal government.

Question 2: Can just anyone buy a HUD home?

Answer: In most cases yes. Especially if you have cash. Additionally you can buy the property also if you meet certain restrictions. There are many restrictions on HUD officials and their family when buying a hud home, but it is still possible.

Question 3: Can you buy a Hud home if your income is not low?

Answer: Yes, most anyone with any income can buy a hud home, as long as they qualify for the mortgage.

Question 4: Is it true I can get a HUD Home for a dollar?

Answer: Not likely, all HUD homes sell for whaever the market will bear. They do a market analysis just like any other home and the price of sale is based on what other similar homes have recently sold for in the same neighborhood.

Question 5: Will HUD make repairs on the home if needed?

Answer: Not normally.. Hud homes are usually sold as is with absoulutely no warranty what so ever. And that boils down to HUd will not make repairs. In many cases the house can be purchased with a fixer up loan. What that means is the the lender will loan the buyer additional money to do repairs. However the repaired house must appraise for an amount equal to the purchase price plus any money needed for repairs. Normally this additional money does not go to the buyer, but to the contractor when all repairs are completed and inspected. Because many of the hud homes are in such a state of disrepari I strongly encourage you to get the home professionally inspected before you make an offer so that you will be familiar with any repairs that must be made. It is important that you get this list of repairs before you subbmit your bid.

Question 6: What is the procedure to buy a HUD home?

Answer: You must use a realtor to buy a hud home since the process is so complicated. The agent will submit your bid and be the point of contact between you and the hud officials. You place money on hold with the agent and the bid is submitted. Once the bid is submitted you must wait for the end of the bidding period to see if your offer was the one accepted. This bid waiting period can be from a few days to a month as they receive offers and choose the one that is best for them.

Question 7: What is the next step if I win the bid?

Answer: YOu will be walked thru the process step by step by your real estate agent. Normally hud expects to close the deal within 60 days max and sometimes earlier. I am a certifed HUD sales person and can walk you safely thru each step of the process. I will provide you with a total break down of all costs that you will be charged and it will be called a settlement statement. This statement will be used by your tax filing person to give you many deduction that come from home ownership. My fee for services will be paid by HUD, and my services will not cost you a dime.

Question 8: Is there a list of HUD Homes are for sale available to me?

Answer: Absolutely! I maintain the very latest list of homes for sale by HUD and you will be able to view full color photos of all HUD homes as they come on the market. You will receive updates daily in your email of any now home coming on the market.

Question 9: Who provides the loan to buy a HUD Home?

Answer: Of course HUD does not make loans, but most mortgage lenders are FHA approved. This means that most normal lenders can also loan you the money to purchase a hud home. Again as I walk you thru the process of getting your HUD offer accepted, will then take you step by step to get a HUD loan approved. My experience allows me to help you bypass many of the pitfall when obtaining a new mortgage.

Question 10: I want to buy a HUD home for investment. Is that possible?

Answer: Initially HUD homes are offered to owner occupants only, but if not sold in short order then they are made available for investors. I can walk you thru this process also. Simply call Tom Chambers at 757-587-9856 or email me at tommytx@earthlink.net