Buying a HUD Home in Contra Costa County
Buying a HUD Home means using a HUD Registered Agent. HUD Homes can be a great buy for the investor of the Home Buyer. Her is a short Post on HUD Homes.
To Buy a HUD Home or to Get a List of HUD Homes in Contra Costa County give me a call at 925-260-4321 or request the information here.
Buying a HUD home. The process involved with buying a HUD home is a little different from buying other property types. HUD homes are properties that were financed with an FHA mortgage. That's the type of mortgage that requires only 3.5 percent down payment. FHA mortgages are backed by the government. When FHA financed homes go into foreclosure, they go back to HUD.
HUD owned homes are not better or worse than other homes. However, in a short sale the seller has an interest to keep the property in good condition, same is true for traditional sales transactions. With HUD homes and lender owned properties the homeowner has no benefit in keeping the property in good condition until foreclosure and sometimes that shows.
Buying a HUD home requires following HUD procedures, processes and regulations. Usually HUD homes are offered exclusively to primary residents for the first 30 days on market. The first ten days HUD does not review offers. Offers are opened on day 11. It usually takes a day or 2 for HUD to determine the highest offer and inform the buyer's realtor.
When you are buying a HUD home you need to know that HUD will accept the highest net offer. The highest net offer is determined by deducting commissions and seller contribution to buyers closing costs from the offered price. The result is the net offer amount. That's different from most other sellers who prefer cash over financed deals.
The listing price on a HUD home is what the house appraised for. Therefore, when the buyer is getting an FHA mortgage, FHA.will only finance up to the appraised value and Buyers need to pay cash for the bid amount over the listing price. However, HUD will agree to up to 3 % seller contribution to buyer's closing costs.
HUD usually sets the closing date for 45 days from contract acceptance. HUD offers a 15 day inspection period. In Arizona 10 days is more common in other types of transactions.
Buying a HUD home all parties need to follow HUD regulations all the way to closing. HUD has their own contracts that buyers will have to sign. Buyers need to pay for the utilities to be turned on for inspection and must have requested and received permission.
HOA transfer fees in Arizona are customarily paid by the buyer but in my current transaction HUD pays for them. That was nice.
In order to make an offer on a HUD home the realtor and his broker need to be registered with HUD. Placing an offer is really easy. The Realtor just inputs the offer on the HUD website. When HUD accepts the offer the Realtor needs to send in the HUD contract documents. They have to be with the HUD contracted company within 2 business days or they can cancel the contract. If it requires an extra day then discuss with your contact. They usually give an extension for 1 more day IF you ask for it and let them know the contract is in the mail. This was a simple explanation on how to buy a HUD home.
Search all HUD listings and find more information on how to buy a HUD home on the HUD website. You can search by city, bedroom, price etc. The website informs how many days the property is on the market and if it's available for purchase by everyone or only primary residents.
Check out these Maricopa HUD homes for sale.
View more Maricopa homes for sale:
1-CLICK SEARCHES for homes in Maricopa (updated daily!)
Looking for a Home in Maricopa?
(520) 316-6101
Dagmar Mouritsen
Local Expert for Maricopa Real Estate
dagmar@azbestrealty.com
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