How Do I View HUD Properties? | Home Guides

The U.S. Department of Housing and Urban Development maintains a list of homes for sale all across the country. These houses are foreclosures from the Federal Housing Administration, Veterans Affairs and other government lending initiatives. After these homes are foreclosed, they eventually enter a HUD database of properties for sale. HUD must approve any offers to purchase one of these homes, which can take longer than submitting an offer to a regular seller.

Type “homes for sale” in the search box on HUD’s website. A link to homes for sale will appear in a list. Click the link labeled “Homes for Sale/US Department of Housing and Urban Development (HUD).” This will take you to a search page with a list of single-family homes for sale. Several agencies will have links for the specific types of homes they own. Click on the “From HUD” link.

Locate the state or territory you

Read More

Is HUD Responsible for Repairs on Homes? | Home Guides

Savvy property investors and homebuyers on tight budgets have known for years that buying a HUD home can save money. HUD homes are properties that have had their old FHA-insured mortgages foreclosed, ending up in HUD’s foreclosed home inventory. The condition of a HUD home can range from excellent to being in need of extensive repair and rehabilitation. One thing that’s true of all HUD homes, though, is that HUD isn’t responsible for making any repairs on them.

HUD Homes

The Department of Housing and Urban Development sells its foreclosed homes via online bid, first to hopeful owner-occupants and then to property investors. By their nature, foreclosed homes are distressed properties and are sometimes in need of extensive repair. When HUD takes a home into its property inventory it usually shuts off utilities and lets the home sit unoccupied. HUD also doesn’t make repairs on its homes, either when they’re

Read More

HUD Laws for Age-Restricted Home Communities | Home Guides

Many senior citizens depend on their retirement plans.
Age-restricted communities appeal to some seniors for the socialization and activities they provide.

Age-restricted communities are collections of housing units, detached or attached, for sale or for rent. The law that regulates these communities is called the Housing for Older Persons Act of 1995 (HOPA). While age-restricted communities have been built for decades, the recent changes to the law give these communities greater flexibility in determining what services and amenities that they offer their residents.

Designation

The Fair Housing Administration within HUD regulates age-restricted communities, or active adult communities, as they are more commonly called. The basic regulation that governs the community, aside from not discriminating against people on the basis of race or religion, is that one member of the household must be over 55 in 80 percent or more of the occupied homes.

Prior to the more recent regulations put in place in 1995, active adult communities had to demonstrate that they had social programs and other activities geared for seniors.

Read More

How to Buy a House Through HUD | Home Guides

Through the Department of Housing and Urban Development (HUD), there are two primary ways to purchase a home. You can buy a HUD Home, which HUD sells after foreclosing on an FHA-insured mortgage. If you qualify for and obtain a Section 8 Housing Choice Voucher, you can use the HUD subsidy to purchase a home via the Homeownership Voucher Program, as long as your local public housing authority participates.

HUD Homes

Secure financing just as you would for a traditional home purchase. You can use cash or apply for a mortgage. HUD notes that you might qualify for an FHA-insured loan, which, as of July 2010, offers a 3.5 percent down payment to borrowers with FICO credit scores above 580.

Search online listings maintained by HUD-contracted companies. HUD Homes are one- to four-unit properties. HUD-registered real estate agents can conduct HUD Homes’ transactions. HUD pays their commission.

Get a home

Read More

How to List a House for Sale by Owner | Home Guides

Listing a home “For Sale by Owner” is an option many sellers choose to save money on the transaction. Without working with a real estate broker, the seller doesn’t have to pay broker fees on his end. Using different resources to list the home for sale by owner is the best way to quickly find a buyer.

Obtain the market value of the home. This will help you determine the best price to sell your property. Visit online real estate sites such as Zillow or Trulia to find out the recent sale prices of comparable homes sold in your neighborhood. You can also hire a real estate appraiser to get a value for your home.

Place a “For Sale by Owner” sign in front of your home with your contact information. Many hardware and home improvement stores sell attractive “For Sale by Owner” signs.

Use sale-by-owner Internet services to list

Read More

Do HUD Homes Take Longer to Close on Than Others? | Home Guides

The U.S. Department of Housing and Urban Development maintains a list of homes it offers for sale. HUD homes are homes with FHA-insured mortgages that were foreclosed when their owners defaulted on those mortgages. HUD only offers its homes via bid process, first to hopeful owner-occupants and then to interested property investors. Bid acceptance by HUD for one of its listed homes is the start of a process that ends several weeks later at a sales closing.

HUD Closing Timeline

If you’re an owner-occupant, when you bid on a HUD home you’re expected to be pre-approved for a mortgage loan. HUD, though, understands that even pre-approved winning bidders on its homes will need time to close. Additionally, HUD also needs time to write up and send contracts to the real estate brokers of winning home bidders. Due to the time needed by all involved parties, HUD generally allows winning home

Read More