Are HUD Homes Really a Good Deal? According to Kathy Opolski with RE/MAX Associates They Are!
With all of the homes available to buyers, why should you consider a HUD home? Well, there are many benefits that most buyers are not aware of.
Before you get started you will want to get a HUD authorized buyer's agent. This will not only make the process a lot smoother but since HUD is paying the commission the agent will be working for you for FREE. You can't get a better deal than that. And you will need a HUD agent to gain access to the homes, too.
The first benefit of working with HUD is that they have a very strict time line for closings. Once you place a bid you will know if you have won the day after the bidding ends. Then you have 48 hours to have a contract over to the HUD office. And once you are under contract you can expect to close within 45 days.
Another benefit of HUD is their unbelievable sales incentives. For example, if you have an FHA loan and you go under contract within 30 days of a home being on the market you automatically qualify for purchasing the home for $100 down. In addition, you get a $500 sales bonus from HUD for buying their home so quickly.
There is another incentive that says if you purchase a home that is in need of repairs under a total of $5000, you can roll the repair amount into the loan, provided the home appraises. You will be required to pay for your own appraisal, outside of the one HUD will order but it is a small price to pay not having to come out of pocket the repair amount. Plus, HUD tells you ahead of time what the repairs will cost. They also guarantee that they will pay the vendor directly as soon as the repairs are completed. This will mean your repairmen will be happy to do the work since their money is guaranteed.
HUD will also pay up to 3 percent of the closing costs if you use one of their approved closing attorneys. And not only do they provide a termite letter for the property, but if you request it they will give you an updated one right before closing.
For more up to date information on buying a HUD home in , contact real estate professional Kathy Opolski with RE/MAX Associates at 801-518-4599.
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