Many real estate agents question how to advertise HUD Homes for Sale and if it’s allowed by agents? HUD becomes the property owner and offers it for sale to recover the loss on the foreclosure claim. The GNND Program which is available to teachers, firefighters, police officers, emergency medical technicians, nonprofits and local governments giving them half off a HUD home purchase.
When a HUD homes goes under contract, HUD stops the daily count for a home being on the market. The disadvantage is not all agents have access to HUD homes as they use a keyed access system in which the broker has to have the ‘HUD keys’ to show the property.
The homeowner could not make the payments for whatever reasons and the lender foreclosed on it. HUD then reimburses the lender for what is owed to the lender and HUD takes ownership of the property. Additionally, some detail about each HUD home and a codition report are typically included for each property as well as how to bid on these homes.
A very important point investors must remember with HUD is HUD does not give back earnest money to investors, if they cancel their contract. HUD does not guarantee the condition of any property, FHA-insurable or not, nor whether it meets local codes or zoning requirements.
As well as HUD sales our Realtors can also assist you with a variety of other types of home purchases. HUD homes are sold as-is The new owner is responsible for all repairs and improvements. In addition to HUD homes, we sell VA and Bank Repos, new construction homes and ANY home listed by ANY company in Oklahoma!