K.M. Minemier & Associates is a certified Woman Owned Small Business (WOSB) engaged in full service real estate asset management and marketing.

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Buying a Hud Home

September 08, 2021

                         BUYING A HUD OWNED HOME

We receive many calls from Homebuyers wondering exactly what is a HUD Home and how  they can purchase one.  They want to know how is buying a HUD home different than purchasing a regular home. Our response to that question is – HUD Homes are regular homes.

Following is a short synopsis of how the process is:

MAKING AN OFFER:  You will need to make your offer through a HUD registered Realtor.  HUD properties are listed at market value and you can make an offer above or below the list price. That offer may be accepted or rejected by HUD and if rejected you  can decide if you want to place a new offer.

OWNER-OCCUPANT VS. INVESTOR:  For the initial exclusive listing period,  the home is available to owner-occupant only. HUD will only accept offers from someone who if going to live in the property for at least one year.  After this period, Investors may make offers on the property.

HOME INSPECTIONS:  Since HUD Homes are sold AS IS you will not be able to do any repairs until after closing.  Buyers are strongly encouraged to have their own home inspections done and HUD provides time for that to be completed.

FINANCING:  One your purchase offer has been  accepted by the Seller and you have chosen a loan and a lender, it’s time to focus on the closing process. You will needs to provide additional documentation and select a Title Company and shop for homeowner’s insurance. Signing you closing documents is the final step.  Review them carefully.  Once you sign, you’re responsible  for the mortgage loan. 

 

 

 


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