The time is right and you are ready to purchase a home. While shopping for a new house online, you come across a property with a really great price tag that seems too good to resist. You have encountered the HUD home. A HUD home can be a good option to consider when looking for a home to purchase. But there are some facts that you need to know before you embark down the HUD path to home ownership.
Below are five informative facts to know before you consider a HUD home.
1.) The "Can't pass up" attractive price tag is usually an indicator that there is something wrong with the house, such as major repairs to structure, roof, etc.
2.) HUD Homes are sold "As Is" and when purchased, NO repairs are covered
3.) It may be better to pay cash for a HUD home as it is more difficult to get a HUD loan because of the "no repairs" stipulation
4.) Loans are harder to secure on a HUD home than for a conventional home (Again due to the "no repairs" stipulation)
5.) You must go through a real estate agent to purchase a HUD home
Tip: It is highly advisable to get a home inspection during the inspection period during escrow
If you have read the above and are still interested in purchasing a HUD home, the first thing you should do is contact a Realtor that has experience with the HUD Process. The Stephanie Woods Team has a team of buyer's agents that have a combined 25 years of experience in HUD home purchases. Call us today at (928) 237-4455 to learn more about HUD homes and the HUD purchase process.
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