What Are HUD Homes?
HUD foreclosure homes for sale on the Greater Greenville SC real estate market are normally offered at great prices. Most likely, if you see a listing for a HUD home foreclosure in the paper it will be listed by a HUD approved agent or broker. If you’re buying a HUD home that needs repairs, check out a FHA 203k loan , which can allow you to include the renovation costs in the loan. Given anyone can purchase a HUD home, investors around the Houston area can often find a great deal on a home or multi-family property that’s listed as a HUD home. We strive to provide you with easy, no hassle access to all Boise, Idaho HUD homes for sale. HUD provides a Property Condition Report but that is only their inspector’s opinion and is only based on that moment in time.
So it sells HUD home foreclosures through approved real estate brokers who advertise themselves as approved HUD brokers. Except for the first 30 days, that is: legally, HUD cannot accept bids on homes from real estate investors within the first 30 days that a home has hit the market. Since the new owner will be responsible for making any needed repairs, HUD strongly urges every potential homebuyer to get a professional inspection.
You should inspect a HUD foreclosure, for information purposes only, before making an offer. If the purchaser can qualify for a loan (with certain restrictions) or has the cash then they may buy a HUD Home. Besides the fact that any potential buyer of a HUD home is required by HUD to use a real estate agent, it is a good idea anyway. We can help you with all of your lender owned, bank owned, short sale and HUD needs. Prospective buyers must use a HUD registered Broker and must have a pre-qualification letter from a lender.
A. A HUD home is a 1 to 4 unit residential property acquired by HUD as a result of a foreclosure action on an FHA-insured mortgage. When you buy a foreclosed HUD property at a deep discount, that savings represents an immediate return on your investment. Usually Neighborhoods or tracts of homes for lower incomes and those starting out. The initial listing price is determined by HUD to be an estimate of the property’s current fair market value (FMV).
We are a HUD approved broker, and can show and help you purchase any HUD home for sale in Greenville, Simpsonville, Greer, Taylors, Mauldin, Fountain Inn, Easley, Travelers Rest, Piedmont or any other surrounding Upstate area. The bid that meets the acceptable threshold and has the highest net to HUD receives a provisional bid acceptance subject to receipt of all required documents. 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. If the home you’d like to see is in your area, you can also contact your preferred local real estate broker and ask if the office is approved to show HUD homes.