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HUD Homes for Sale |
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HUD
sells properties at reduced prices that
you might want to buy.
Learn
how you can buy a HUD home.
If you think you want to buy a HUD
home, contact a real estate broker in
your area who is authorized to sell HUD
homes (most are). The broker must submit
the bid for you.
If you're buying a HUD Home, you're
required to use a real estate agent.
While purchasing a HUD Home may be
easier than many private real estate
transactions, there are still some
requirements which must be met–certain
forms that must be used, and procedures
that must be followed. But these
requirements are clearly stated in
advance, and the real estate agent will
be there to help you through it all.
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HUD
homes are appraised, then priced at fair
market value for their location. The
price of a home in need of repairs is
adjusted downwards to reflect the
investment the new owner must make to
improve the home.
You
will generally make your offer for a HUD
Home during a designated “Listing
Period.” With the commencement of the
Initial Listing Period, bids may be
submitted by all potential
purchasers.
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However, priority
will be given to owner-occupant purchasers for the first 10
calendar days as follows: All owner-occupant offers received
during the first five days of this 10 day period will be
considered to have been received simultaneously. On the first
business day following the expiration of the five day period,
owner-occupant bids are reviewed, at which point the highest
acceptable net owner-occupant will be accepted. Should there
be no acceptable owner-occupant bids, owner-occupant bids will
be reviewed on a daily basis for the remaining five days. At
each such daily review, HUD will accept the highest acceptable
net owner-occupant bid. At the conclusion of the 10-day
owner-occupant priority period, should the property remain
unsold, a review of all general public bids (e.g. investor)
received during the 10 day period will be conducted.
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| What
to Read |
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Understanding
Real Estate, the Home Buying Process, Mortgages
and Investing will make you a better consumer.
Explore our site, use our
STATE
LIST to find information related to
your state.
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See
our Investing
Guide
for more information on Investing in Real
Estate - for your first home, Retirement home or for
investment purposes.
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