Since HUD Homes are available for as little as $100 down they are one of the easier ways to get into the market with no down payment. They also present some of the best deals available. HUD Homes in Arizona and Nevada can be had at huge discounts.
Purchasing a HUD home is a little different than purchasing a traditional foreclosure. That is why it is important you get a good knowledgeable HUD Realtor to help you out. How is it different? First of all, HUD has an automated bidding system, an easily manipulated one at that. HUD's system, and what you should bid, is based a formula derived from days on market and number of times the price has dropped. A good HUD Realtor can usually get you within a few thousand of the lowest bid that the system will accept in the absence of other bids. This means HUGE discounts for you if you know the right Realtor. When you are perusing HUD listings you need to be aware of some of the caveats and what they mean to you. One of the things you need to pay close attention to when purchasing a HUD home as a primary residence is the FHA insurability. Homes with less than $5000 in repair are usually classified as FHA Insurable. HUD will escrow the repair money in an account for you. For HUD Homes needing over $5000 you'll need an FHA 203K loanto purchase. Either way we can help you locate, purchase and complete the renovations.
Contact us today for a list of HUD foreclosures in your area or more information on financing a HUD home!
