Are you thinking about BUYING a HOUSE in Garland, Rowlett, Rockwall or other Dallas County, Collin County or Tarrant County city? Do you not only want a Deal but a STEAL??? Well then, might I suggest you take a look at HUD Homes.
HUD homes are not your typical Foreclosure or Short Sale home that has lots of issues or trashed by the previous owners ... Some HUD Homes are move-in ready while others aren't. HUD Homes also vary in price ... you can certainly find a HUD home for $100k or less, you can ALSO find a sweet $400k HUD home as well!
So What Is a HUD Home you ask. Good Question ... let's start with the basics:
- HUD stands for the U.S. Department of Housing and Urban Development. HUD Homes are single-family residences that were acquired by the Government as a result of a foreclosure on an FHA-insured mortgage.
- HUD Homes are offered 1st as an Auction / online Bid. There's a Bid Deadline and if NO bid was accepted, the House then goes on a Day by Day basis until a bid is accepted
- HUD homes ARE sold AS-IS. They've already been Appraised by FHA & have noted if any, what work/repairs they will Reimburse the buyer for a portion of. These repairs that will be made are if they are to make the property "safe, secure or marketable". In other words, they're not going to Reimburse you to paint over the red wall in the dining room & change out the old appliances. If any work to the Main Systems of the house or Structure of the House needs to be done. **When you click on the house Case #, go to the Addendum tab & click the "PCR" (property conditions report) and the "Escrow" links to find out what is wrong & how much you'll be reimbursed when you get it repaired.
- HUD does NOT Pay the Agents Commissions like most other Sellers do. This amount will be deducted from your Offer Price so be sure to keep this in mind when setting your OFFER because bottome line, the Winner is the one who's NET Offer is the highest.
- Buyers SHOULD get their own Home Inspections & if you are awarded the winning bid for the HUD Home, you actually have 15 Days to get an Inspection! If it is discovered during the Inspection that there are issues with the Structural, Roof, Operating System Defect (plumbing, electrical, sewage, HVAC), or Non-Compliance with local codes/zoning, the Buyer can Request HUD to correct issues or the Buyer can Cancel their Purchase of the HUD home.
- Some HUD Homes accept a $100 as their Down Payment! Yup! you read that right ... $100 can be your Down Payment for a HUD House!!! There are some requirements to this, so check with your Lender to see if you qualify!!!
- Some HUD Homes also accept the 203K FHA Rehab Loan ... not a loan for recovering alcoholics or drug users (ha ha ha) but it's a loan specifically for people who buy "distressed" (foreclosed) houses where your Home Loan & Repair Loan are rolled into one. Again, check with your Lender to see if you qualify for this loan.
- There are also HUD Homes that can be Purchased for 50% off the already low HUD listed price!!! YES, 50% Off the List Price!!! This is HUD's Good Neighbor Next Door program. If you're a Firefighter, EMT, Police or teacher in Garland, Rowlett, Rockwall or other Dallas County, Collin County or Tarrant County city you can qualify to participate in this awesome HUD Program! There are of course certain requirements so talk with your Realtor (hopefully that'll be ME) & Lender to see if you Qualify.
HUD Homes Come & Go Quickly so check back periodically at the HUD HOME STORE {type in the county, # of bedrooms, & max list price only to get the most options}
So WHO can buy a HUD Home??!?? YOU CAN!!!
Contact me if you have any questions about purchasing or if you would like to look at a HUD Home in Garland, Rowlett, Rockwall or other Dallas County, Collin County or Tarrant County city.
