Nick McLean is your local HUD home expert!
EVER WONDER WHAT A HUD HOME IS?
A lot of people have questions about HUD homes because often times they are really good deals and priced to move quickly. However people also have concerns. Nick McLean is your local, authorized, HUD home broker and can help you purchase one! HUD homes for sale are HUD Housing Urban Development owned homes. These are FHA insured mortgages that have gone into default meaning the bank has already foreclosed on the property and the homes belong to the government. HUD does not foreclose on buyers. A HUD home can be a Single Family Residence (SFR), Townhome, Condominium or any other type of residence up to 4 units. The Nick McLean Real Estate Group loves working with HUD because we share common values including supporting home ownership for all.
WHO CAN BUY A HUD HOME?
While anyone can buy a HUD home, priority is given to owner occupants. An owner occupant purchaser is different than an investor purchaser because the owner occupant is a person who plans to live in the property as their primary resident for the first 12 months after the close of escrow and has not purchased another HUD home as an owner occupant within the past 24 months. An investor purchaser is someone who buys the property as a second home or as an investment, or who does not qualify as an owner occupant. Investors CAN purchase HUD properties – and can submit bids once a property enters the Extended Listing Period. This period begins once the Exclusive Listing Period is over.
HOW CAN I FOUND OUT ABOUT WHAT HUD HOMES ARE AVAILABLE?
HUD homes are listed on our local MLS and also on www.HUDhomestore.com. The HUD home website will give you all of the information that you will need on a HUD home listing. It will tell you the repairs necessary and also the type of financing that can be used for the property that you are interested in. Here is a link to all of the bank owned and foreclosures – Nick McLean Real Estate Group specializes in listing and assisting buyers to purchase the right home at the right price. Or call us at 509-255-8070
WHAT STEPS SHOULD I TAKE TO GET A HUD HOME?
There are several steps to getting a HUD home, but the first is you should call a licensed and experienced HUD home broker. Not just any agent can help. You want to use someone with experience in selling a HUD home and is buyer expert adviser. These are electronic bid properties and you cannot submit an offer without an active NAID #. The purchaser (s) will need to contact a broker with an active NAID # to submit a bid. The team at Nick McLean Real Estate Group are all experience HUD brokers and we can put you in touch with one of our buyer specialists who can assist you with placing a bid. Call us at 509-255-8070 and we can help you get the property! If you want to inquire about a specific HUD home please e-mail us at email@example.com to get answers!
DON’T PAY TOO MUCH FOR THE HUD HOME!
The HUD home for sale is listed at what HUD calls “Fair Market Value.” It has been appraised by a FHA appraiser. However, the HUD foreclosed home may be within 20% of market value either too low or too high. That is why you need an experienced real estate agent in HUD foreclosed homes like Nick McLean Real Estate Group. The buyer specialist you are working with can do a market analysis of the property and use their experience to determine the lowest bid that HUD will take for any given property.
IS THE PROPERTY AS IS? WHAT IF IT’S IN BAD SHAPE?
Probably the most common objection to purchasing a HUD home is not knowing what repairs are needed or the fact that HUD homes for sale are sold in “AS-IS” condition and HUD means AS-IS! This intimidates many buyers. Don’t worry. Nick McLean Real Estate Group can yelp you t0 assess the property condition and refer you to lat least 3 local inspection companies to choose from and to perform an independent inspection on the property. Also Most HUD homes sale will have what HUD calls a “Property Condition Report.” This will give you a general idea of the condition of the home but it should not be relied upon as a basis for determining the condition of the property. You will need to do this yourself. There are also many loan programs that allow for repairs to be financed.
WHAT ABOUT CLOSING COSTS?
HUD will pay a percentage of the purchase price for certain Buyers’ closing costs. Again, it is important to work with an experienced real estate agent in HUD foreclosed homes, because they will know what closing costs HUD will pay. To see what’s on the market for HUD please click here. And then call us at 509-255-8070 and we can help assist you in the process so you can avoid costly mistakes and so that you are happy with the results.