HOW TO PURCHASE A HUD HOME
following is a brief summary of the process in purchasing a government owned HUD home.
HUD homes may
be purchased by anyone. The buyer must however submit a pre-qualification letter from a lending institution
or have proof that they can pay cash for the home in order for a bid to be eligible. Homes may be purchased
by owner-occupants where the priority bid-period is 5-30 days. New Listings
are posted or updated daily and may be obtained by visiting www.hudhomestore.com . Investors may also purchase HUD owned homes, but their bids are only accepted if an owner-occupant bid does
not meet the reserved price in the first five to thirty days a property is on the market. Owner Occupied Homes (Exclusive) may
be for up to 30 days; Uninsured are first reserved for five (5) days. Reserved prices are not published for any HUD-owned
HUD-owned homes are sold "AS IS", and are initially listed at the "as is" appraised market
value. The buyer may make any reasonable offer, but HUD will only agree to the offer that gives the highest and/or
acceptable return to HUD. Price reductions may take place if the home does not sell during the allotted time. There may also
be Daily Bids if the home remains unsold.
MAKING AN OFFER ON A HUD-HOME
Offers on a
HUD-owned home must be made online through a HUD-registered broker like Synergy International Realty www.synr.com . All offers are submitted through the internet via an online bidding process. The
highest bid (if error free), is acknowledged by HUD to the broker, in this case Broker Dr. Kelvin S. Moulton of Synergy
International Realty, who must send in a correct and signed sales contract within 48 hours. Priority
will be given to Purchasers who are owner-occupants and non-profits for the first thirty (30) calendar days or less, after
a new listing is posted. Listings may also be found on the Web site @ www.bidselect.com , and then by clicking on Search Properties.
When offers/contracts are submitted,
the purchaser is required to deposit certified funds as earnest money in the amount of $500.00 for offers up to $50,000 and
$1,000.00 for offers in excess of the $50,000.00 amount. Earnest money must be deposited wih the agent or broker
at the time.
Closing on HUD-homes are generally within 30-60 days, and held at a closing agent's office. Extension
of time to close may be granted in 15-day increments, under certain circumstances.
If the sale is to an owner-occupant,
and does not close due to circumstances beyond their control, the earnest money may be returned. It is the responsibility
of the buyer to review the earnest money policy with their broker before placing a bid on a HUD-owned home.
A certified HUD Broker can guide you further in the necessary steps to purchasing a HUD-owned home. Synergy International
Realty wishes you the very best in your undertaking, and stand ready to assist in guiding you in acquiring your own home.
Call us any time @ (409)835-1111 or go to our Web site @ www.synr.com Synergy stands ready to Help You !
For an UP-TO-DATE HUD LISTING, CLICK HERE Then return to www.synr.com 0r call Us.