2006-06-12 05:41:48 · 4 answers · asked by ﺸÐïåMóñdÐôññåﺸ 5 in Business & Finance ➔ Renting & Real Estate
If you are asking about purchasing a HUD home (a home that was repossessed by the govt. because the owners defaulted on a FHA loan), I would advise you do do your homework. In most cases, but not all, these homes are in need of repair. Unless you are really handy or have a friend or relative who is, you might want to think twice about purchasing a HUD home. Make sure you hire a ASHI certified home inspector to go over the home completely, top to bottom, so you'll know how much work the home really needs.
If you want to bid on a home, you'll have to contact a Realtor to submit the bid for you. You can go on the website HUD.gov to search for homes in any area. Your Realtor will be able to assist you with all of the required disclosures and contracts. Make sure you are pre-approved when you do bid or you'll risk being fined if your loan won't go through.
There are other avenues you may want to pursue if you are a first time buyer. Check with a Realtor in your area and they should be more than happy to assist you. Good Luck !!
2006-06-12 16:25:43 · answer #1 · answered by Hoopfan 6 · 2⤊ 0⤋
there are MANY ways but I would recommend a lease option purchase where everything is done directly through the owner and there is no credit check at all.
and in some cases NO MONEY DOWN
Here in atlanta that is VERY common even on a 250k home
I seen 250k homes go section 8 here!@!
morton101@comcast.net
2006-06-12 11:29:56 · answer #2 · answered by Scanless1999 3 · 0⤊ 0⤋
Need a good realtor for you area? I work with a network of realtors nation-wide http://www.pauld-kw.com
2006-06-13 17:29:23 · answer #3 · answered by Paul & Debbie D 2 · 0⤊ 0⤋
Triple check the paperwork - one mistake....
2006-06-12 05:43:55 · answer #4 · answered by jgcii 4 · 0⤊ 0⤋