What is a HUD Home?
The Department of Housing and Urban Development (HUD) insures homes purchased with a FHA mortgages. When a seller fails to make payments on the home, the lender forecloses on the home (takes ownership) so that the can they can then sell the home at a later date to recover the funds that were originally loaned out to the buyer when purchasing the house. However, since HUD insured the loan, an extra step is involved. The Department of Housing & Urban steps in and takes ownership of the property foreclosed on by the lender and pays the lender all monies owed against the property. Thus, the lender is made whole and the home is now owned by HUD. These homes are then sold by HUD through various channels and are known as a HUD resales.
Why Are HUD Homes Such Great Buys?
Every day that a HUD homes remains unsold, HUD is losing money. The longer a home sits vacant and unsold, the less valuable it becomes. Properties deteriorate and are sometimes vandalized during this process. HUD knows this and thus reduces prices more quickly than a typical seller would. If offers are not being made on a HUD Home, the asking price is probably set to high and HUD is often quick to reduced prices to attract buyers. Also, many HUD homes can be purchased with an FHA loan with only $100 down! Other properties sold with FHA loans in today's market usually require a 3.5% down payment by the buyer. Thus, HUD homes can afford the buyer the ability to purchase a home with a minimal down payment. Given today's greatly deflated housing prices, there has never been a better time to buy a new home.
Why Use Georgia Choice Realty to buy HUD Homes?
We specialize in selling HUD homes. We can make offers (bids) on HUD homes that minimize the amount of funds you will need to bring to the closing table while at the same time increasing the chances you offer will be accepted by HUD. We can help you locate just HUD homes or expand your search to other available homes that may make great purchasing candidates such as Bank REO's. We can also utilize down payments assistance options that may be available due to recent economic legislation.
How How Do I Get Started?
1. A Complete Listing of HUD Homes available in Georgia Can Be Accessed By Clicking Here.
2. Complete a Buyer Information Profile by Clicking Here.
3. Get Pre-Approved by the lender of your choice. Our preferred lender is Amerisave Mortgage and the link to their site can be accessed by Clicking Here.
4. Give us a call at 678-261-4901 with any questions you may have.
