Justin Huggins

Secrets of purchasing HUD Homes

• HUD is the largest owner of single family homes in the US and is trying to sell them as quickly as possibly.
• The Government is the listing agent's client, you are just another buyer, and they can always sell the property to someone else.
• Its HUD’s way or the highway.
• You purchase the property as is, with no repairs and no guaranties.  However, Countrywide does offer, if disclosed by HUD, 203k loans, which roll in repairs into the loan.    
• There is a minimum price HUD will consider on all properties  (typically, 92% of offer price)
• You must have a Real Estate Agent place a HUD bid. The agent must have a HUD NAID number that is currently registered and active.
• You must close within the allotted time frame.  If not you risk having to pay extra extension fees  
• The biggest mistakes buyers make is not using a good lender that has experience closing HUD property loans or they don't meet HUD requirements.