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| HUD Foreclosures | |
| Q: What is a HUD home? A: The United States Department of Housing and Urban Development(HUD) oversees the Federal Housing Administration (FHA), which provides federal insurance on home mortgages. If a homeowner fails to make payments on a FHA loan, the mortgagee (bank/lender) forecloses and files an insurance claim with HUD. In exchange for paying off the unpaid loan balance to the mortgagee, HUD receives title to the property. At this point, the house becomes a HUD home. HUD then sells these homes at market value. Q: Who can buy a HUD home? Are they only available for low-income buyers? A: All HUD homes are offered without regard to race, color, religion, sex, national origin, handicap, or familial status. Anyone who is approved for a mortgage loan may make a offer to purchase a HUD home. These homes are not exclusively for low-income buyers, but most are regarded as affordable for low to moderate-income purchasers within the market areas where they are located. There is an initial period when only owner occupants are allowed to purchase, after a time investors may also buy. Q: How do I buy a HUD home? A: Start by finding a real estate agent specialist with Encompass Realty who works as a HUD-registered broker. Our specialist can help you get approved for a loan, show the available homes to you, write a Sales Contract for you to sign, and place the offer by electronic bid on your behalf. Q: Some HUD owned houses might not be in good condition. Does HUD make repairs? A: HUD homes are sold "as is," without warranty. That means HUD generally will not make repairs except to preserve and protect the property or to eliminate a major safety issue. Known defects are reflected in the price and stated in the Property Condition Summary sheet posted in the house. Q: How do I make an offer to purchase? What happens after I place a bid? A: Your HUD registered Encompass Realty specialist must place an offer in the form of an electronic bid on your behalf. If your bid offers the highest price, net of closing costs and commissions, above the minimum acceptable price, then the bid will be acknowledged, assuming all other considerations are met. The bid will be the acknowledged bid listed in "Bid Results," allowing your Encompass Realty specialist 48 hours to submit to the appropriate Regional Office the complete and correct Sales Contract package with all addenda signed, a copy of the loan approval letter, and a copy of your earnest money check. Only when a complete and correct contract package is in hand on time will Regional Office will sign on behalf of HUD as Seller. Otherwise, your bid may be cancelled and the property may be offered to the next highest acceptable bidder, or it may be placed back on the market for others to bid. Q: Can I buy a HUD home as an investment property? A: Owner occupant purchasers are given priority for the first 10 days that the house is on the market for the general public. These are persons who will affirm in writing that they have not purchased a HUD owned property in the last two years and they will live in the home as their primary residence for at least one year. After the initial 10-day listing period, investors may purchase the houses for resale or for rental. Q: I have more questions, who do I contact? A: Contact a foreclosure investment specialist at Encompass Realty To answer all your questions. |
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Todays
Rates*
May.17.2008 |
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30yr fixed- 5/1 ARM- 3/1 ARM- JUMBO- |
5.50
5.00 5.25 6.75 |
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©2008 Encompass Realty and Investments LLC| Scottsdale Arizona Real Estate Agent