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Foreclosures, HUD Homes, and Pre-Foreclosures available at huge savings.  Why wait?  Now is a great time to buy! 

 

How to Buy a HUD Home

Interested in investment property, or just taking advantage of buying a HUD property?  Now is the time!  There are tons of HUD properties in and around Columbus currently for sale; these include single family, multi-family and condominiums.  Columbus Realty Team is an expert on HUD homes.  Make sure you use an experienced agent. 

What is a HUD home? A HUD home is acquired by HUD as a result of a foreclosure action on an FHA-insured mortgage (or government insured loan). HUD becomes the property owner and offers it for sale to recover the loss on the foreclosure claim.  They are similar to bank owned properties, but those are sellers with a conventional loan (or bank insured loan).

If you can qualify for a loan or pay cash, you can buy a HUD home. 

All properties available for purchase by the public are offered for sale on the HUD internet site maintained by management companies under contract to HUD. Any real estate broker registered with HUD may submit an offer and contract to purchase on your behalf.  You must have a Realtor to submit a HUD bid on-line.

Properties in designated areas are available at a reduced sales price to law enforcement officers, teachers, firefighters, emergency medical technicians, nonprofits and local governments.

New HUD listings are updated every Friday.  The bid deadline dates are listed under each property.  When HUD homes are first posted they are available to owner occupants, then bidding becomes open to investors if they do not sell during the initial owner occupant time frame.

Currently HUD is running some great incentives for buyers!    

  • $100 Down Payment Finance Option (FHA financing only)
  • $2,500 Sales Incentive (for properties with a purchase price $25,000 or greater)


The $2,500 sales incentive can be used for the following items (for offers accepted after 10/1/08):
• Closing Costs
• Tax Pro-rations
• Repairs to the home
• Replacement of items in the home
• Pay down the unpaid principal balance of an FHA insured Mortgage

If the funds are used for repair or replacement of items, the incentive will be deposited in a repair escrow account for FHA financed sales or reimbursed upon submission of receipts.

Please keep in mind all HUD homes are sold AS-IS, and without warranty. HUD will not make repairs nor pay to correct any problems.  So inspections are recommended.

 

  
Jeremy & Amy Pape, and their team are HUD registered agents and have experience flipping and remodeling houses.  Make sure you use an experienced agent who can help you make a wise investment.  HUD and bank owned homes are sold in AS-IS condition. Property condition report and LBP inspection report (if after 1978) are available for HUD homes. HUD will make no repairs.  NHMS makes no warranty as to existence of mold and is not liable for it's harmful effect.