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Office: 1214 Cooper St., Ste. 301, Jackson, Michigan 49202 USA · Phone: 517-990-9191 · Fax: 517-787-6190
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What is a HUD home?
When someone with an FHA insured loan is foreclosed, FHA pays the lender what is owed on the foreclosed mortgage, takes back the home, and puts it back on the market for someone else to buy.
Who can buy a HUD home?
Anyone that can pay cash or can qualify for a mortgage can buy a HUD home. You can purchase one that you would like to occupy as your home or one that you would like to purchase for an investment property.
Where can I buy a HUD home?
HUD homes are available anywhere in the United States. Easy Way Realty, LLC can help you purchase a HUD home anywhere in the State of Michigan.
How do I get in to see a HUD home?
You can drive by and look at any HUD home from the outside, but if you would like to see on the inside, you need to call a HUD registered broker to let you in. Easy Way Realty, LLC would be happy to show you through. Give us a call at 517-990-9191.
How does the process work?
There is an on-line bid process for each HUD home. In order to bid you must have a HUD registered real estate broker submit an offer for you. Easy Way Realty, LLC is a HUD registered real estate broker.
How do I get financing for a HUD home?
If you would like assistance in obtaining financing you may contact our sister company at www.AlliedApproved.com or any bank to get qualified to purchase a home.
How much of an earnest money deposit will HUD require?
If you are buying a HUD home for under $50,000, you will be required to put a deposit of $500.00 down. If you are buying a HUD home for $50,000 or greater, you will be required to put a deposit of $1,000.00 down. If you cannot get financed, this deposit will be returned to you.
How much of a down payment will HUD require?
Your down payment will totally depend upon your financing which is independent of HUD.
Will HUD cover any of my closing costs?
HUD will cover up to 3.0% of your closing costs allowing you to get into a home with less up front money.
If I get an accepted offer, how long until I need to close?
While you may close as soon as you desire, HUD will give you up to 60 days to complete the purchase of the home.
Why should I use an experienced HUD broker?
Using a broker with extensive experience bidding on HUD homes gives you the advantage of submitting bids that will likely be accepted without wasting time submitting bids that HUD will not accept.
How can I get a better deal on my HUD home?
HUD drops the prices on its homes at regular intervals. Placing a timely bid when a price drop is about to occur can save you a significant amount on your home. In addition, bidding the lowest amount that HUD will accept at their current listed price can also save you money.
What kind of condition are HUD homes in?
HUD homes are foreclosed homes and could be in any type of condition. They are usually cleaned out but may need some repairs. Every house is different.
Can I get any $ to help me with improvements needed for a particular home?
Yes, on certain homes, HUD offers a special program that will provide you with up to $35,000 to complete home improvements once you buy your HUD home.
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