HUD homes are foreclosed homes that have been conveyed to HUD (Housing and Urban Development) programs. HUD homes can be single family residences (SRF), Townhomes, condominiums, and other types of residences up to 4 units.
Benefits to purchasing a HUD home include:
1. HUD will pay up to 3% of buyer's closing costs, (must be negotiated)
2. Escrow fee is paid by HUD savings approx. 350-900$ (often split in other transactions)
3 .Price fo the home is based on an FHA as-is appraisal (excellent value)
4. If a Condo or townhome, project approval is not required (see me for explanation)
5. FHA appraisal is already completed, saving an average $400
6. Insured Escrow finance types have option of doing an FHA standard loan with escrow repair.
7. Owner Occupant priority bidding period.
8. Low Earnest Money Deposit ($500 or $1,000)
9. Good Neighbor Next Door (GNND) program available in certain areas for eligible buyers.
10. All homes listed on www.hudhomestore.com nationwide
11. Quick response to bids (typically within 24 hrs. from bidding deadline)
12. FHA 203K owner occupant rehab loan option
13. If FHA financing is used, termite inspection and treatment is paid by HUD and all section one items are cleared
14. Sealed Bids, Bid Transparency
For more information contact me at glsmith@kw.com or visit my site at www.renohomeslist.com
