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The 5 most important things you need to know to buy a HUD House.

Updated on April 27, 2015

ONE

Anyone with cash or financing can by a HUD House. HUD houses are initially offered to owner occupants for a priority period, and then they are made available to Investors.

TWO

It is best to get pre-qualified through your local bank or Mortgage Finance Company first. Before you bid on a HUD house. If you are the successful bidder, you will have to show proof of funds, before you can qualify for the purchase. Getting pre-qualified is the easy step. Most cases the mortgage officer can tell you in the first 10 or 15 min. if they think you can qualify and simply get follow-up information in a day or two to wrap up the process.

One story and a half home.

THREE

Bidding on a HUD House. HUD Houses are sold at auction to the highest bidder. That is the bid that gives the federal government the highest net. (cash in their hands) The auctions are not absolute and they will be re-posted if and acceptable offer is not made. You can increase your bid amount next day if the property does not sell. To place your bid you will have to find a HUD Selling Broker. This is a Licensed Broker that is registered with HUD. Ask your Broker if they can bid on a HUD House for you. Start Bidding.

FOUR

If you are the successful bidder, you and the HUD Selling Broker will be notified by e-mail, and you're selling broker will start what I think is the hardest and most important part of the process. You will have 48 hours, and only 48 hours to have the entire HUD package that they will send you to get completed, signed, delivered and processed locally, compiled in perfect order and sent back and received by HUD in a48hour period. Which means you will only have 24 hours to get it done, because it will be in shipment next day air most of that time. It is best to find and experienced HUD Selling Broker.

Small Frame House

FIVE

One day before closing on your HUD House and getting the keys. Have your HUD Selling Broker take you back to your HUD House so you can make your final walk-through of the HUD House. Make sure nothing has changed and you are all set for the closing. Get all of your documents and funds ready and headed to the closing the next day. Congratulations you are now the proud owner of a HUD House.

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Los Angeles real estate ad (1905)
Los Angeles real estate ad (1905) | Source

Now is the time to invest in real estate. Look above to see what California sold for in 1905.

Charlie Norris, Broker

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