Buying Tips For New Hud Homes

Buying Tips For New HUD Homes

Buying Tips For New HUD Homes

You may have seen the listing already - Tucson HUD homes. However, compared to normal foreclosures on the real estate market, there are differences that you have to be aware of when buying Tucson HUD homes. Let's provide you with a few tips that should help any prospective buyer when it comes to purchasing their first HUD home.

Get a home inspection

Because Tucson HUD homes are sold "as is," it is an incredibly important step to remember. It is true that not all HUD homes are going to be in disrepair or have defects, but you do not want to buy the one that is. When it comes to the condition of a HUD Home, HUD assumes zero responsibility. Even though it is spending money on a home that is not guaranteed to be yours, having an inspector give the all clear means that it is safe to bid.

Line up your financing

Because HUD does not provide any help with financing, it means that you have to take care of it yourself. HUD accepts both mortgage financing and cash. Now most people are not going to have the entire purchase readily available, so you can apply for a loan from a credit union, bank, or other lending institution. If you qualify for it, your best bet is the FHA 203(k) rehabilitation loan this covers the cost of any repairs you make on your new HUD home.

Know when you should bid

It is important to know when the property's initial offer period starts, and when it ends. If you want to buy one of the Tucson HUD homes and actually live in it, you are allowed to make an offer first. After that period, HUD is going to accept bids from other parties, this includes investors who just want to rent out the property or sell it again. If you want to make a bid on any of the Tucson HUD homes and execute the processing of purchase, you have to discuss that with a real estate agent that is registered with HUD.

by: Tucson Real Estate

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