Buying A Home
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Stupid ?- What's a HUD home?

After getting our tax refund, we are where we need to be for our down payment! I started looking online and found a house that I really like! After reading the description, it says that it's a HUD home.

Does that mean anything significant?

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Re: Stupid ?- What's a HUD home?

  • A foreclosure owned by the US Gov't, specifically the Department of Housing and Urban Development.  The prior loan on the home was an FHA loan, so when the owner defaulted, the home became gov't property.
  • PP is spot on. Check out HUD's website and you can find lot's of info about HUD, available homes, and how to submit an offer www.hudhomestore.com

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  • What the first PP said is true. However, before you decide on this home, they have to provide an inspection report, and you can find it online. I would seriously consider looking at the inspection report before deciding on the house.

    We had our hearts set on a HUD house, until we read the report, and found out the house had a major plumbing issue.

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  • Thank you for the info!
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  • I always thought this meant Housing Unit Development in where the homes in that complex/area have an association like condo's do. You pay extra fees for them to cut lawn/fix roofs things of that nature
  • image jessica290:
    I always thought this meant Housing Unit Development in where the homes in that complex/area have an association like condo's do. You pay extra fees for them to cut lawn/fix roofs things of that nature

    Nope.  I think you're confusing that with Home Owners Association - HOA.

  • That question is not stupid!  I can actually tell you, I JUST closed on a HUD home yesterday (yay!) Like you, I also fell in love with the house and it was what I could afford. It needed work, but qualified for the FHA loan (this allows for you to roll fix up costs into your mortgage) I was able to get in with a small downpayment and locked in a low rate (3.25%) All great things!!

    HOWEVER, there are just a couple of things to be aware of...

    Where I am it can be hard to find a bank who will give out FHA loans (seems they do a limited amount for a certain period of time and then take a break..goes in cycles for whatever reason) so if that is something you want, be prepared, you may have to have to look around a little bit and be flexible with which bank you go through.

    From the time I put the offer in to yesterday was 5 months. I did A LOT of the running around getting documents together, inspections, etc. Stuff the "seller" would have normally done.. but hey HUD is just this entity that doesnt really exist in human form lol so if I wanted it to get done in a timely manner, I had to do it. Trust me I felt I deserved some of the commission! And from speaking with multiple real estate agents, and even the rep from HUD who was at the closing, this is the norm. He even said "HUD is not on top of things"

    If you are ok with doing a lot of leg work and have plenty of tylenol on hand Wink it can be very worth it! Buying a house is never a walk in the park...but HUD can definitly make it seem more like a climb up a mountain!!

    All that being said, GOOD LUCK and YOU CAN DO IT! 

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  • image lildevil968:

    What the first PP said is true. However, before you decide on this home, they have to provide an inspection report, and you can find it online. I would seriously consider looking at the inspection report before deciding on the house.

    We had our hearts set on a HUD house, until we read the report, and found out the house had a major plumbing issue.

     

    Where did you find the report listed? We're interested in putting an offer in on a HUD home, bidding opens Feb. 11th so if I can find out more information in advance that would be great! 

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  • We just bought a HUD home, and it needed new floors but you can get a 203K loan that you can use to fix the house and it goes right into your mortgage. Sometimes its so worth it.

    Our house was 180- valued at 240.  So with 10,000 put in to fix it we get instant equity. Not a bad deal if you ask me :) 

    plus we just pay it into our mortgage, so Its not another loan payment 

  • image entropicbeauty:
    image lildevil968:

    What the first PP said is true. However, before you decide on this home, they have to provide an inspection report, and you can find it online. I would seriously consider looking at the inspection report before deciding on the house.

    We had our hearts set on a HUD house, until we read the report, and found out the house had a major plumbing issue.

     

    Where did you find the report listed? We're interested in putting an offer in on a HUD home, bidding opens Feb. 11th so if I can find out more information in advance that would be great! 

    All inspections and other reports are posted on the website for each property under the "Addendums" tab. 

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  • Definitely go look at the house if it is possible. Often times these homes are offered at a price that is very, VERY low for the area and you have a huge opportunity for sweat equity.

     

    That being said, me and SO just got burned pretty badly with a HUD property and were told 3 days before closing that the bank we were working with could no longer finance the home. That was the second bank we worked with in the 45 day closing period. There is a lot of hassle and you're not only working with the bank and HUD, but an asset management company. It is a pain and unfortunately it took losing the house we love to realize that, but if you are careful and work with a bank that has dealt with these properties before you will be fine. Best of luck!!

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