Tuesday, July 21, 2009

HUD Properties are Your Friends!

HUD Properties are Your Friend!

Many buyers tend to believe that HUD properties are bad properties and we want to stop this rumor! There are many great things about HUD properties ...

1) Not all HUD properties are in bad condition and need a lot of work. In fact, some aren't in need of any repairs at all. HUD properties are simply properties that were purchased with a HUD insured mortgage in which the buyer defaulted. HUD then pays off the lender and takes possession of the home as a foreclosure. HUD homes aren't near as creepy as the happy house to the left is! :)

2) You can purchase a HUD property with only $100 down if you're obtaining an FHA loan; whereas the normal minimum down payment is 3.5% of the purchase price! You can keep more money in your pocket!! For example, if you were to purchase a home for $115,000 the minimum down payment you would have to come up with would be $4,025 whereas with a HUD home, you would only have to pay $100! Perfect if you want to buy now to take advantage of the tax credits but don't have quite enough cash!

2) HUD will give you a $1000 credit at closing if you put a HUD property under contract within it's first 30 days on the market! Free money! There are only three requirements for this ... 1) you have to be an owner-occupant (not an investor) 2) the property has to be a new listing (not one that has expired and put back on the market) and 3) you have to put a contract on it within the first 30 days on the market.

3) HUD will pay up to 3% of your closing costs!

4) HUD favors owner occupants! During the first 12 days that a HUD home is listed, it is open to owner-occupants only! This means that investor offers aren't even considered until the 13th day (and that's if there are no acceptable owner-occupant bids)

5) HUD has a special program called "Officers/Teachers/Firefighters/EMTs Next Door." This program was created in effort to help more officers, teachers, firefighters and EMTs become home owners. If you are one of these professionals, you can purchase a HUD property at a 50% discount. That's better than hitting a good sale at Neiman Marcus ... half off of your next home! In order to take advantage of this program, the property must be your primary residence (you can't own any other properties) for 3 years. If you're a teacher, the home must be located in the same county in which you teach.

These are just some of the great things about HUD properties!

Click the following link to browse through all HUD properties in Georgia: http://www.stephensandstephens.net/links/view_link_frameset.cfm?lid=2136&sid=7

Feel free to email or call with any questions! We would love to help you find the perfect HUD home! rebekah@stephensandstephens.net

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