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Finding A HUD Home

US Department of Housing & Urban Development

Finding a HUD home to purchase can be confusing when you haven’t had experience in placing a bid on a HUD home. The following Google Hangout training I provided will definitely help.

It takes you through the various steps so that you can zero in on homes you might be interested in purchasing, but also outlines the various programs available through the HUD home store. For example, did you know that under special circumstances some homes will be offered to select groups at a 50% discount.

For more information, don’t hesitate to contact me. sherry.fields @ bhhsmt.com

 

16-Summary17-Resources

 

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About the author

Sherry Fields Written by Sherry Fields: Working in real estate for over 12 years, Sherry Fields is certified in Foreclosures, Short Sales and Negotiations along with many support computer platforms on the web. She has been helping her clients buy & sell homes by building relationships so that they can buy and sell with confidence. You can find her at Twitter, LinkedIn, ActiveRain Facebook and

**************************************************************************** © 2016 BHH Affiliates, LLC. Real Estate Brokerage Services are offered through the network member franchisees of BHH Affiliates, LLC. Most franchisees are independently owned and operated. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of HomeServices of America, Inc ®. Equal Housing Opportunity. Privacy Policy Sherry Fields 1020 South Ave. W., Missoula, MT 59801 | Phone: (406) 207-8448 | Email: Sherry.Fields@bhhsmt.com *******************************************************************************



2 Responses to “Finding A HUD Home”

  1. Fernando says:

    You don’t say where the property is loaectd, but Different foreclosure properties are handled differently by the bank/owners. Some require that the property be listed for sale for a minimum amount of time before reviewing ANY offers. Some will consider an offer as soon as it is submitted.For example, HUD requires 5 days (I believe) exposure to the market and then owner-occupants are given priority. If none are the *winners* then the bid is open and offers are considered daily. Fannie Mae used to require 48 hours on market before reviewing any offers. After that, all offers were considered as they were received.In both of the examples noted above, the actual offer can be submitted, but they will not be reviewed until the deadline has passed.It has been my experience that there is usually a quick response, when the bank will present a counter-offer. In the case of a “full price” offer, as you said yours is, it might take a little longer. This is because the “full price” offer still may be less than the previous owner owed on the mortgage loan. In this case, the PMI company or originating/servicing lender must agree or exercise their right to purchase for the list price. Not always, but it could happen. In this case it may be anywhere from a few days to a few weeks.My guess is that if the property you want is an area with a lot of foreclosures, you should hear back rather quickly.What does your agent say?Good luck.References : TX REALTOR Was this answer helpful?

  2. Fernado thank you for your comments, some of them absolutely do apply and are helpful. Others not so much. The property address is the title of the post, so I am not sure what you are referring to when you say I don’t mention its location.

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