Have been told HUD homes may a better investment. Easier to get financing.
2007-01-03 03:30:32 · 5 answers · asked by shepherd3989 1 in Business & Finance ➔ Renting & Real Estate
I don't qualify for a HUD home (though I am on Sect. 8).. u must be able to get a bank loan, have a good size income, and have a downpayment.. That right there leaves most people I know how of luck. If u can qualify for a HUD home, u can qualify for almost any home.
2007-01-05 14:01:42 · answer #1 · answered by chilover 7 · 1⤊ 1⤋
Let's clarify a few things here.
1) HUD stands for Housing and Urban Development (as in, Department of Houseing and Urban Development).
2) When a property is called a HUD home, it means the previous owners were foreclosed on by their mortgage company, The loan was insured by HUD so that mortgage company was compensated by HUD for the loss and HUD assumed ownership of the property.
3) There are many rules regarding buying and selling HUD homes. You need to find a Realtor who has experience working with buyers and sellers of homes (specifically investors buying and selling HUD homes) to help you through the process. In fact, you HAVE to have a real estate agent place the bid for you. You can not do it yourself.
4) Easier to get financing? maybe, maybe not. Depends on the specifics of your situation.
Find a Realtor to help you and make sure you get one who knows what they are doing when dealing with HUD properties.
2007-01-03 08:56:40 · answer #2 · answered by txrealestateagent 3 · 2⤊ 0⤋
There are a lot of rules associated with hud homes. I buy and flip houses as a sideline and usually get them from foreclosures. The following site has some good info for you.
2007-01-03 05:00:59 · answer #3 · answered by Anonymous · 0⤊ 0⤋
I think you can only get HUD financing if you are a first time home buyer. Not exactly good for flipping if your buying multiple homes. Anyway in a down market, rental property investment (when rents are high comparatively) is a sound investment.
2007-01-03 03:37:26 · answer #4 · answered by MM 5 · 0⤊ 1⤋
i live right next to a HUD (housing under devolpment) house and i would never buy one, my reason being that this house is not really in bad shape, but hud is the only company that would buy it because of its water damage.
this house was owned by a husband and wife couple with no children, when she left him he stoped paying the note, so the house went into forclosure, and was flodded by the water heater,
needless to say HUD covered up the damage, and is now trying to sell it, so you can never tell if the hud home is in good condition or is just putting on a false front
2007-01-03 03:37:35 · answer #5 · answered by dragon072891 2 · 0⤊ 1⤋