Buying A HUD Home
February 23, 2009 by Carl Chapman
Filed under HUD Homes
A HUD home may be a good alternative to “Bank Owned” property. While both options provide homes at rock bottom prices, HUD homes have advantages.
Before we talk about why I like HUD homes over “Bank Owned” houses, lets define a HUD Home. A HUD home is a residential property that has been acquired by HUD through a foreclosure action on an FHA-insured mortgage. In other words, the FHA borrower failed to make the payments as agreed and HUD became the property owner and now offers it for sale.
Regardless of what you have heard on TV, anyone with the cash or that can qualify for a loan (subject to certain restrictions) you may buy a HUD Home. HUD Homes are first offered for sale to people who will be owner-occupant purchasers. If they go unsold, the properties are then made available to all buyers, including investors.
All Arizona properties available for purchase by the public are offered for sale by any Arizona real estate broker registered with HUD. They submit the offer and contract to purchase on your behalf. HUD pays the real estate broker’s commission, if included in the contract. West USA Realty is registered with HUD, so I can represent you in your purchase of a HUD home.
Give me with your questions about buying an Arizona HUD Home.
Carl Chapman, Associate Broker with West USA Realty. 602-878-2737.
