If you've ever considered purchasing a HUD owned property but didn't quite know how to start, you've come to the right place. We have been listing and marketing HUD owned properties since 2010. We provide potential buyers, real estate agents and the community with everything they need to know in order to purchase a HUD owned property.
Buying HUD Homes
HUD Home Store is the listing site for HUD real estate owned (REO) single-family properties. This site provides the public, brokers, potential owner-occupants, state and local governments and nonprofit organizations a centralized location to search the inventory of HUD properties for sale. In addition, registered real estate brokers and other organizations can place bids on behalf of their clients to purchase a HUD property. HUD Home Store also includes many informative user-friendly features providing advice and guidance for consumers on the home buying process.
What is a HUD Home? 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.
The following information is provided as an introduction to the process through which HUD homes can be purchased. You can either scroll down the page, or access specific topics through the following topic menu. Additional links provided in the menu to the right provide access to FHA program and policy information for homeowners, homebuyers, and members of the mortgage lending and real estate industry.
Who Can Buy a HUD Home?
Anyone who has the required cash or can qualify for a loan (subject to certain restrictions) may buy a HUD Home. HUD Homes are initially offered to owner-occupant purchasers (people who are buying the home as their primary residence). Following the priority period for owner occupants, unsold properties are available to all buyers, including investors.
Should I Get a Home Inspection?
HUD does not warrant the condition of its properties and will not pay for the correction of defects or repairs. Since the new owner will be responsible for making needed repairs, HUD strongly urges every potential homebuyer to get an inspection from a licensed professional home inspector prior to submitting an offer to purchase. If you are interested in acquiring a HUD Home that is in need of repair, you may be interested in applying for an FHA 203(k) Rehabilitation Loan. When a homebuyer wants to purchase a house in need of repair or modernization, the homebuyer usually has to obtain financing first to purchase the dwelling; additional financing to do the rehabilitation construction; and a permanent mortgage when the work is completed to pay off the interim loans with a permanent mortgage. Often the interim financing (the acquisition and construction loans) involves relatively high interest rates and short amortization periods. FHA's 203(k) Rehabilitation Loan is designed to address this situation. The borrower can get just one mortgage loan, at a long-term fixed (or adjustable) rate, to finance both the acquisition and the rehabilitation of the property.
What About Financing?
HUD does not provide direct financing to buyers of HUD Homes. Buyers must obtain financing through either their own cash reserves or a mortgage lender. If you have the necessary available cash or can qualify for a loan (subject to certain restrictions) you may buy a HUD Home. While HUD does not provide direct financing for the purchase of a HUD Home, it may be possible for you to qualify for an FHA-insured mortgage to finance the purchase.
Does FHA Offer Any Special Discount Sales Programs?
FHA REO properties located in designated Revitalization Areas are available at a reduced sales price to law enforcement officers, teachers, firefighters, emergency medical technicians, nonprofits and local governments. You can also view maps of REO properties and special programs such as Revitalization Areas with HUD's Single Family Home Locator.
Where Can I Learn About Available HUD Properties?
Any single family property acquired by HUD FHA will display a sign identifying who is managing the property before it is listed for sale. During this time the property is appraised, title issues are resolved, if necessary, and a determination is made about the property's eligibility for HUD's discount sales programs. Property listings are posted on HUD Home Store.
Information as provided on the hudhomestore.com website.
Tips for Maximizing Small Living Spaces
Clutter driving you nuts? Did you move in with someone only to find you have duplicates of everything from headboards to can openers? Here are 7 tips to help you make the most out of small spaces:
1. Weed out the extras. A yard sale will alleviate some clutter and a trip to the local Goodwill even more. A good rule of thumb: Anything you haven’t needed in a year can go.
2. Bookcases are for more than books! Your walls are your vertical friends for storage, and good book shelving can include plants, valuables, artwork and more.
3. Wall-mount entertainment systems. Television / cable / DVD cabinets are so pre-2000! Free up floor space by going with sleek bolt-in mounts. (Just make sure they’re anchored properly!)
4. Don’t pile it, hang it! This is especially true in kitchens where you can use pot racks, hanging baskets, and even wall-mounted shelving units.
5. Maximize cabinets and closets with organizers. Poor use of cabinet space can easily waste more than 30% of usable “hidden” space. There’s great hardware out there to tune up the interior of your cabinets and closets.
6. Go below. A raised bed is a great way to free up storage space equal to the square footage of your bed. Using baskets and drawers can ensure the below-the-bed storage remains tidy as well.
7. Paint light. Dark walls make small rooms feel smaller. For those rooms that feel a little too close for comfort, dial up the brightness with a fresh coat of a light colored paint.
Remember: Organization and smart storage can turn a tiny home into a cozy abode.
Of course, if you’re ready to upgrade your home rather than squeeze the last few inches out of your existing space, get in touch! I’d be happy to help you search for a new home today: Jeanne Frank (810) 650-9332
Posted by Jeanne on Apr 11, 2013 | 0 comments
I’s probably due to my obsession with home decorating magazines that I seem to always want to do something different to at least one room in my house almost daily. I get so excited after I’ve made a change; I gain a new sense of love for my room and relish in just being in it. Unfortunately my budget doesn’t allow me the luxury of switching out the furniture on a regular basis, so I have come up with fun ways to change the look of a room without spending a dime! You would be amazed at what a little furniture rearranging can do to your space! You can totally change the entire feel of your living room by pulling your couch that’s against the wall into the room and placing a sofa table behind it. Then have fun accessorizing the table with a pretty lamp, pictures or anything else that you love. Here are some pictures that have given me inspiration, maybe you’ll find one to inspire you as well!
Here they switched the sofa from the side of the room where the two chairs are now. I love the way it showcases the windows and what amazing light!
This is an excellent example of perfect symmetry if I ever saw one!
This is a very clever way to add a work area into a small space.
Posted by Jeanne on Jan 20, 2012 | 0 comments
In colder months, do you use your ceiling fan the right way?
In the summer they can provide cooling breezes, but during winter they can also assist in circulating warm air through your home. The trick is understanding the switch on the fan which controls the direction of the fan blades:
During the SUMMER months, the standard setting of COUNTERCLOCKWISE provides cooling down drafts.
During the WINTER months, the reverse setting of CLOCKWISE creates an opposing updraft, which redistributes the warm air which rises to the top of the room. By pulling cooler air up from the ground, the warm air is more efficiently distributed throughout the home.
You may have a wall switch with controls fan direction, but most ceiling fans have a simple toggle-switch which controls the direction of the fan’s motor. These simple tips will help you keep your heating costs down over the cold winter months, as well as help you cool your home in the summer.