FIRST TIME BUYERS

With a fast paced sellers market running strong, take advantage of the value you can afford with the purchase of a HUD or VA home.

Make your own repairs and save
Create the dream home you desire.

OUR MISSION IS TO GUIDE YOU THROUGH THE PROCESS OF FINDING, BUYING, & CLOSING ON A HUD OR VA HOME.

INVESTORS

Utilize the skills you already have in the strongest Real Estate market to date.

Be compensated for your expertise whether it's financial, legal, or trade. Work smart and earn returns while turning over tangible high demand one family houses in the New York area.

Investors quickly realize their full potential from our experience, professionalism, and access to information that counts in this strong market.

Utilize the skills you already have in the strongest Real Estate market to date.

Be compensated for your expertise whether it's financial, legal, or trade. Work smart and earn returns while turning over tangible high demand one family houses in the New York area.

Investors quickly realize their full potential from our experience, professionalism, and access to information that counts in this strong market.

how to buy a hud home

HUD sells properties at reduced prices that you might want to buy!

Frequently Asked Questions About HUD Homes
1. What is a "HUD Home"?
Answer: 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 we sell it at market value as quickly as possible.

2. Who can buy a HUD home?
Answer: Anyone! If you have the cash or can qualify for a mortgage, you can buy a HUD home.

3. Are HUD Homes meant for people with low incomes?
Answer: HUD homes range in price, but most are affordable for low- and moderate-income Americans.

4. Is it true I can get a HUD Home for a dollar?
Answer: No. HUD sells homes at market value - that means that the price is set based on the price of similar homes sold in the area.

5. If the HUD Home needs repairs, will HUD make them?
Answer: HUD Homes are sold "as-is," without warranty. That means that HUD will not pay to correct any problems. But even if a HUD Home needs fixing up - and not all of them do - it can be a real bargain! For example, HUD's asking price on the home will reflect the fact that the buyer will have to invest money to make improvements. HUD might offer special incentives such as an allowance to upgrade the property, a moving expense allowance, or a bonus for closing the sale early. And keep in mind that on most sales, the buyer can request HUD to pay all or a portion of the financing and closing costs. Your real estate agent will have details.

We encourage you to get the home professionally inspected before you make an offer. so you will know what repairs you may have to make BEFORE you submit your bid.

6. How do I buy a HUD home?
Answer: Start by finding a Contacting us for your real estate needs. Your real estate agent must submit your bid for you.

Normally, HUD Homes are sold in an "Offer Period." At the end of the Offer Period, all offers are opened and, basically, the highest bid is accepted. If the home isn't sold in the initial Offer Period, you can submit a bid. Bids can be submitted any day of the week, including weekends and holidays. They will be opened the next business day. If your bid is acceptable to HUD, your real estate agent will be notified, usually within 48 hours.

7. If my bid is accepted, then what happens?
Answer: We will help you through the paperwork process. You'll be given a settlement date, normally within 30-60 days, where the transaction will occur. HUD has an excellent booklet to help you understand the settlement process. We will make that available to you as well.

When you buy a HUD Home, the selling agent's commissions are usually paid by HUD. HUD will pay a total sales commission of up to 6%.

8. How can I find out what HUD Homes are for sale?
Answer: Right here! We update our lists of HUD Homes for sale every day. If you see one that interests you, contact one of the real estate agents in your area who show HUD homes. They can help you from there.

9. How can I get a loan to buy a HUD Home?
Answer: HUD doesn't make loans directly. But they do have a number of mortgage insurance programs that could help you buy a home. Next contact a HUD approved lender who will take you through the steps and actually make the loan.

10. Can I buy a HUD Home as an investment?
Answer: Most HUD Homes are initially offered on a priority basis to owner occupant purchasers (people who are buying the home as their primary residence). Following the priority period, unsold properties are then available to all buyers, including investors.

HUD homes are sold "As Is"

It is extremely important to understand that HUD homes are sold in "as is" condition. This means that the condition of the home when you see it is what you will be buying. HUD makes no warranties, does not guarantee the condition of any home, and does not verify that it complies with any local code or zoning requirements. You must make any necessary repairs after the purchase. HUD may make, or give you an allowance for, major system or safety repairs only if you are purchasing with an FHA-insured loan. It is very important that you get a Home Inspection by a licensed professional prior to closing on the sale.

Deadlines must be met

When you buy another type of home, you can usually negotiate the contract and other transaction items over an unspecified period of time. When purchasing a HUD home, this is not possible. In order to be fair to all purchasers, HUD has imposed timetables that must be met, or your bid or contract will be cancelled and the home returned to the market. Once your bid is acknowledged as the highest net to HUD, for example, your agent must send in a correct contract within 48 hours or the bid will be cancelled. Generally, closing must take place within 45-60 days. We cannot change the HUD deadlines.