how does buying a HUD house work?

Question

do you bid or what? how? thanks!

Answer 1

HUD houses are sold like an auction. Yes, you do make a bid, and it is all done on line, but bids are taken from the public for a certain amount of time and the only preference they give is to people who are looking to make the house their primary residence (as opposed to investment seekers). When HUD chooses a bid they really look at the bottom line amount they will collect. If you are a first timer I highly suggest you ask a Realtor who is experienced with HUD houses (most are not) to help you with this process, because if you don't fill out the bid correctly it gets overlooked.

Answer 2

HUD will only allow Realtors who have completed their training and been certified in their process to sell their homes. Depending on the state you're in, below is a web site of a HUD listing agency which allows you to click on the state to see the list of certified Realtors. Before a bid can be made, the potential Buyer has to provide proof that s/he has been prequalified.

Answer 3

you're able to problem acquiring financing if the residing house has no kitchen. identifying to purchase a HUD residing house isn't severely diverse than identifying to purchase the different residing house. there will be some extra varieties you're able to sign pointing out esentially that HUD is truly no longer to blame for something and you are able to no longer sue them. as with any residing house purchases, I strongly advise which you get carry of a house inspection. a good residing house inspector is nicely worth each and every penny you pay them. good success!

Answer 4

I got money from HUD to buy in a particular area they deemed "blighted". The money was administered through a local city agency. It has to be for you, not as an investment.

Answer 5

Check out the HUD website. They have a lot of good info on there.

http://www.hud.gov/buying/index.cfm