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FInd Out Why Buying HUD Homes Can Save You Thousands

What are "HUD homes," and are they a good deal?

  • HUD homes can be a very good deal. When someone with a HUD insured mortgage can't meet the payments, the lender forecloses on the home; HUD pays the lender what is owed; and HUD takes ownership of the home. Then it is sold at market value as quickly as possible.

  • A HUD home is a 1-to-4 unit residential property acquired by HUD as a result of a foreclosure action on an FHA-insured mortgage. HUD becomes the property owner and offers it for sale to recover the loss on the foreclosure claim.

Benefits to Buying a HUD Home

  • A real estate broker will prepare and submit your offer and deposit for you without charging you.
  • HUD pays up to 5 percent of the closing costs, saving you thousands.
  • You can move in faster if you purchase a HUD home eligible for FHA-insured mortgage because it has already been appraised.
  • HUD homes may be eligible for repair loans built into the mortgage and buyers may qualify for 3 percent down payments.
  • The government guarantees the title is clean. You also can actually visit the property and see what you are buying, unlike an auction.
Note: In order to submit an offer on a HUD home, you have to work with a Government Approved HUD Broker. There is a no cost to working with one and it’s important to have someone who is very knowledgable on HUD procedures and guidelines. 
 

For a free listing of all HUD Homes in the San Diego vicinity, enter your information below.

 

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Z Team Real Estate
Toll Free:800-996-2982
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Z Team Real Estate