Dawson Ford Garbee & Company is excited to announce that we have been selected by Sage Acquisitions as Central Virginia’s exclusive HUD listing broker! HUD homes often sell for anywhere from 30{6ea1d85b87534fab6e24031f499cc2ede23940dcd11dcec5d1566c72a09a2c6a} to 60{6ea1d85b87534fab6e24031f499cc2ede23940dcd11dcec5d1566c72a09a2c6a} less than their market value, simply because they are foreclosures. If sold directly, HUD will generally place ads in newspapers, rather than place individuals on mailing lists for their single-family homes. Anyone who is pre-qualified for a mortgage loan may offer to purchase a HUD home.
In other parts of the country, I have seen investors buy HUD homes for 80 percent of the list price in the first month. Prices and financing options often make a HUD home more affordable than other homes for sale. The real estate broker must be registered with HUD to make an offer and submit a contract on HUD owned real estate.
When you access the HUD listings on , you will be walked through the website so the directions are very clear. Multi-unit HUD homes, which are perfect for investment or rentals, are quite common, and can be found anywhere. HUD owned homes are only available for owner-occupancy, and the overall buying process is unique.
If an owner occupant cancels their contract, HUD will move on to any backup offers in their system that are an acceptable price before they put the home back on the market. A HUD home is currently owned by the United States Department of Housing and Urban Development.
HUD claims to use current appraisals to establish each home’s value according to age, condition, size, location, and lot size. Extensions of this deadline can be authorized by HUD by prior written approval. You spoke abotu how competitive HUD homes are once the OO period ends; I want to live in it so I feel like as a first investment to get started, I could have a leg up on the competition because I want to occupy the home.