Buy a HUD owned home in Gilbert, Mesa or Chandler AZ?

keys of dream house in the cloudWhy buy a HUD owned home in Gilbert, Mesa or Chandler AZ? What are the advantages.

A home becomes  a HUD  (U.S. Department of Housing and Urban Development) owned home when an owner defaults on a FHA loan guaranteed by HUD. HUD homes come in all sizes and ages although recently many in Gilbert, Mesa and Chandler that are now available were built from 2007-2010. HUD homes come in all conditions from needing a lot of work to move in ready.

1. Many HUD homes qualify for an FHA 203K loan which gives the FHA buyer the opportunity to include the cost of repairs in their loan. Or a FHA borrower can use the 203K loan to design their “dream house” by choosing to upgrade by replacing flooring, appliances, etc.

2. HUD will pay up to 3% of buyers closing costs.

3. The escrow fee is paid by HUD ($350-900 saving to buyer).

4. Price of home is based on FHA as-is appraisal (excellent way to increase value of home when using FHA 203K repair loan).

5. FHA appraisal is completed by HUD ($400 savings to buyer).

6. Project approval is not required on HUD owned condo or townhouses.

7. Owner Occupant buyers only during first 30 days of listing means no competing with investors to get accepted offer.

8. Earnest money required is low. If sales price is less than $50,000 the required earnest money is $500, $50,00 or higher sales price requires $1,000 in earnest money.

9. Quick response to bids. You must use a Real Estate broker registered with HUD to place your bid.

To request an email list of available HUD homes or to learn more about buying a HUD home, use the form below.

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