This web site provides current information about single family homes for sale by the U.S. Federal Government. A real estate agent bidding on a HUD property could effectively reduce his bid price by the amount of commission he may earn on the sale. These particular homes are then sent to their designated local listing brokers/agents to help market and facilitate the sale. HUD makes owner occupants sign a document confirming they are an owner occupant and if they are found to be an investor, HUD can fine them $250,000 with prison time. In some cases HUD may counter your offer, but their counter is only a notification informing you of what net price HUD will accept.
When this happens your agent may receive a counter from HUD in the morning and then an acceptance later in the day. Any individual regardless of race, color, sex, religion, national origin, handicap or familial status may purchase a HUD home. Just call (405) 694-8537, and let us know the street address of the property you would like to take a look at, and we will use our special HUD key to open the property for you. This is a one-stop real estate website for all your home buying and selling needs in Manahawkin, NJ.
The following information is provided as an introduction to the process through which HUD homes can be purchased. If you still want the property, you must submit a bid package containing a complete set of contracts to a HUD field office with your deposit of 5 percent. On the first business day after this period, bids are reviewed daily to determine the highest acceptable offer to HUD.
Our sales executives are trained and experienced with the nuances and requirements for submitting offers to purchase to HUD. If foreclosures are not sold within six months, HUD may sell them for $1 each to approved nonprofit organizations and government agencies. HUD Homes are available to all buyers, including investors, who have the necessary funds or can qualify for a loan. HUD wants to unload these properties as quickly as possible to avoid the costs of maintenance and the possibility of vandalism. There are no representations or warranties, expressed or implied, on any HUD property.
Please let me know what you think the lowest net bid HUD would accept would be. I realize you’re just making your best guess, but I’d appreciate your opinion because of your knowledge and experience. The lender will file a claim against FHA, as they were the ones who insured the loan and as a result HUD will take title to the property and disperse it through its Asset Management team. Any real estate broker registered with HUD, or real estate agent working for a registered broker, may facilitate the sale of a HUD Home. We can help you with all of your lender owned, bank owned, short sale and HUD needs.