I closed my first HUD home today and am feeling pretty relieved! A HUD home is a 1-to-4 unit residential property acquired by HUD as a result of a foreclosure action on an FHA-insured mortgage. HUD becomes the property owner and offers it for sale to recover the loss on the foreclosure claim. HUD is the US Department of Housing and Urban Development. Because you are dealing with a government agency instead of Joe Homeowner as the seller, the negotiating can seem daunting. But if you as the buyer can be patient and follow all the steps you can get a good house for a good price when buying a HUD home. I found the process to be initially intimidating and a little frustrating as we went a long, but I'm proud to say, I stuck with it, I learned something new and my client got a house he has had his eye on for awhile for a really great price!
If anyone has any questions about buying a HUD home, I now feel (semi) confident that I can answer them! #callme
Big shout out to Keith and Miranda at The Law Offices of Keith Fuller here in Enfield for hand holding me through the whole process.
Big shout out to Keith and Miranda at The Law Offices of Keith Fuller here in Enfield for hand holding me through the whole process.
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