053 – HUD Homes

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Are you a police officer, fire fighter, teacher, or EMT?  If so, you qualify to get your house for 50% off of list price by buying it from HUD!

This week, we explore a source of potential homes and investment houses that most people don’t normally think of.  The US Department of Housing and Urban Development, or HUD for short.

When a bank forecloses on a loan that has been guaranteed by the Federal Housing Administration, the government makes the bank whole and the house ends up in the inventory of homes owned and offered for sale by HUD.  If you’d like to browse the properties they’re selling, you can find them all at www.hudhomestore.com.

Keep in mind though that you have to submit your bids through an agent, and if your bid is accepted, you have very little wiggle room as all sales are “as-is, where is”.  For this reason, we recommend that you lowball your offers.  If you don’t hear back within 1 business day, you know your offer was rejected and you can resubmit a new bid if you like or move on to another house.

 

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