The MUST DOs of Buying a HUD Home
July 05, 2018
- Always speak with a HUD registered real estate agent. Only a HUD registered real estate agent can represent buyers in the purchase of a HUD home.
- Get all the facts. Your agent can typically provide you with more info on a HUD home than seen by the naked eye.
- ALWAYS get an inspection. You never really know what you’re getting with a HUD home so it is extremely important to always get an inspection. This will give you a good idea of what repairs are needed.
- Follow the steps to have the utilities turned on for inspection. This is crucial to better detect plumbing or electrical issues.
- Get repair estimates in writing. Meet your agent and contractor at the property to go over necessary repairs and get estimates.
- Make sure the home qualifies for your type of loan. Not all HUD homes do and it can make or break a sale if you are financing.
- Once your offer has been accepted; continue to communicate with your lender and agent regularly. HUD has strict guidelines on closing times and it can be costly if you do not follow those guidelines.
- Be prepared to rekey the property after closing. HUD does not give out HUD keys. Always have a plan in place to get into the property after closing to have it rekeyed so that there are no delays on getting into your new home.