HUD Articles
Buying A HUD Owned Property by Sandra C Brown, Broker Dream Catcher Realty
June 14, 2018
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