HUD HOMES: hi i'm lookin for a home and i came across a couple of HUD homes but it seems too good to be true.

Question

is it too good to be true? any infor or personal experiences?

Answer 1

You can make a offer but protect yourself by making it contingent upon a favorable review by a real estate attorney within say 7 business days(ie) from acceptance of the offer ,you can also had it contingent upon a favorable home inspection within so many business days, title work is normal in any house purchase which shows any liens, past taxes, clouds on title and normally language is set up on most purchase agreements indicating that all liens or clouds have to be clear before you will close on that house but you can also add your own language on a offer indicating that the house must be free and clear of all liens. You can also check with your agent to see if they offer a home warranty to protect your investment .Th er are normally no seller disclosure statements on these homes because HUD isn't familiar with each property because they haven't personally lived in the property so there is no recourse which is why a home inspection might be validated but with a certified company which has the proof of their expertise and not billy bob inc.Also don't be afraid to make a low ball offer, you can also ask your agent for a mini market analysis to determine market value and check with the city assessor's office for sev (state equalized value)determination to determine value.

Answer 2

HUD homes are marketed by real estate brokerages at market value. If it seems too good to be true, it probably is.

Answer 3

hire a certified home inspector asap.

Also, make sure you read the fine print in the contract that may restrict your resale options.

Answer 4

investigate it more if you DO think that its too good to be true