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H.U.D. homes




 
 

EVERYTHING You Need To Know About HUD homes.  
Read through the most commonly asked questions and their answers 
about HUD homes, and if you feel one may be right for you... let me 
know by filling out the form at the bottom of this page and I will 
provide you with a list of HUD homes in your area!  

  • How do I buy a HUD home?
    Answer: 
    I can provide you with a list of HUD Homes in Michigan and we can view the properties from then.  If you are interested in purchasing one, I will submit the bid electronically via the internet for you.  

  • What is a "HUD Home"?
    Answer:
    When someone with a HUD insured mortgage can't meet the payments, the lender forecloses on the home; HUD pays the lender what is owed; and HUD takes ownership of the home. Then we sell it at market value as quickly as possible.
  • Who can buy a HUD home?
    Answer:
    Anyone! If you have the cash or can qualify for a mortgage, you can buy a HUD home. HUD employees and relatives of HUD employees are eligible, but must receive written approval from the Director of HUD's Office of Single Family Asset Management in order to purchase a HUD-owned single family property.
  • Are HUD Homes meant for people with low incomes?
    Answer:
    HUD homes range in price, but most are affordable for low- and moderate-income Americans.
  • Is it true I can get a HUD Home for a dollar?
    Answer:
    No. HUD sells homes at market value - that means that the price is set based on the price of similar homes sold in the area.
  • If the HUD Home needs repairs, will HUD make them?
    Answer:
    HUD Homes are sold "as-is," without warranty. That means that HUD will not pay to correct any problems. But even if a HUD Home needs fixing up - and not all of them do - it can be a real bargain! 
  • If my bid is accepted, then what happens?
    Answer:
    I will help you through the paperwork process. You'll be given a settlement date, normally within 30-60 days, by which you need to arrange financing and close the sale, or forfeit your earnest money deposit, or pay for an extension of your sales contract.  Remember that as a buyer you pay NO commission.
  • How can I get a loan to buy a HUD Home?
    Answer:
    HUD doesn't make loans directly. But I do have a number mortgage lenders and banks that will help you get a loan to finance one! 
  • Can I buy a HUD Home as an investment?
    Answer:
    Most HUD Homes are initially offered on a priority basis to owner occupant purchasers (people who are buying the home as their primary residence). Following the priority period, unsold properties are then available to all buyers, including investors.

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