HUD Homes For Sale In Indianapolis
The U.S. Department of Housing and Urban Development oversees public housing and community development. After the sales contract is submitted and approved, HUD will schedule a closing date within 30-60 days. Because of this, HUD encourages buyers to have the home inspected in order to find out if any repairs will be needed. As a buyer who will live in the HUD Home, you get several advantages over investors.
HUD also may take away the ability for the real estate agent representing the buyer and their office to sell HUD homes. If a homeowner fails to make payments on a FHA loan, the mortgagee forecloses and files an insurance claim with HUD. Homes that are still on the market after the 15 day bidding period are then offered to investors.
If you are interested in learning more about the HUD home purchase process give Cindy Jones and CJ Realty Group a call to discuss the HUD home buying process in more detail. The Forfeiture of Earnest Money Deposit” document clearly states that if an individual buyer submits a contract to purchase a HUD home and does not perform, the 5 percent deposit will be retained by HUD on a non-refundable basis.
The great part about buying a HUD home as an owner occupant is that your competition for the property is only other owner occupants. Some HUD Homes, like many others, are in need of repairs or you may want to update kitchens, baths, flooring or more – and we can help there as well.
Since HUD deals with such a high volume of mortgages, they are well equipped to handle a high level of foreclosures as well. HUD wants to unload these properties as quickly as possible to avoid the costs of maintenance and the possibility of vandalism. If the market is not in my favor, I can rent it out or refinance-have several exit strategies.