HUD Articles

Buying A HUD  Owned Property by Sandra  C Brown, Broker Dream Catcher Realty

• First get prereapproved for a loan, a FHA 203b or FHA  203K Loan  is usually best.  It will tell you  your payments and amount you can spend.  
• Hire a  Realtor with HUD  Properties experience
• For HUD Homes make sure the  Real Estate Agent has NAID number
• Search HUDhomestore.com and MLS  with Realtor
• Drive by properties you are interested in,  look at the area 
• Visit inside the house  with your Realtor
• Visit inside a second time with contractor and Realtor 
• Get Repair estimates in writing
• Submit offer
• Watch you time lines. HUD has specific time frames. 
• When your offer is accepted give earnest money to your Realtor
• Sign accepted offer documents
• Submit repair costs to lender
• Get approval to and then turn on utilities
• Get inspection & appraisal
• If needed revise repair estimates
• Review results of inspection and appraisal 
• Turn off utilities
• Close on loan
• Change locks
• Make repairs and updates  to property
• Move in