Housing and Urban Development (HUD) properties present unique opportunities for homebuyers. By purchasing a previously foreclosed home, you might save money on the sale and mortgage. But is a HUD home the right choice for you? Here are some of the key benefits to buying a HUD home:
HUD wants to recoup the cost of the foreclosure as soon as possible. This translates into lower sale prices. While each property goes through an appraisal process to determine its value, the purchase price is usually under the market average for comparable homes.
HUD homes are sold through auction. The auction process gives special priority to residential buyers by granting them a 30-day period to bid on the home. After that, the auction will open up to investors as well. This head start can help you get a great deal on a home without worrying about an investor taking it at the last second.
Closing costs are a major expense when buying and selling a home. As an incentive to homebuyers, HUD spends a certain percentage of the home's purchase price to help cover closing costs. This can save a homebuyer thousands of dollars compared to buying a traditional home.
With financing, buying a HUD home is like a traditional home purchase. You can choose from many loan options and mortgage providers. In certain circumstances, buying a HUD home means getting a loan with a smaller down payment. HUD wants to sell the property as soon as possible, so they offer options for low down payments to encourage new buyers.
If you're considering a HUD home, keep these benefits in mind. While it might not be the right choice for every situation, for many homebuyers, the incentives and special perks can greatly outweigh possible drawbacks.
Since 2005, I have been helping clients find dream homes and investment properties in the Russian River area of Sonoma County. I am also serious about affordable housing, and understand the issues related to life transitions. With Russian River Home Sales my intention is to reach out to those who wish to achieve their dream — of buying or selling a home — in the Sonoma County area.
My life’s work is about making sure that you can have the greatest quality of life possible. I am here to provide you with the professionalism and integrity needed to ensure that you feel secure in what can be a big decision in your life.
I’ve helped individuals; families, couples and investors sell and purchase properties in Sonoma County for years. Whether you’re buying, selling, investing or just doing research, you’ll need an agent who understands technology, integrity and teamwork. More importantly, you’ll want an agent who understands you and your goals. I combine this with the area’s unique market-knowledge. I have excellent negotiating skills. This enables me to team with you to get you the optimal price for any property you plan to sell or buy.
Please feel free to use my website as a resource for all your Russian River and Wine County real estate needs. If you have any additional questions, don’t hesitate to contact me today. As a top agent in a unique market, I look forward to working with you.