How To Buy A HUD Home
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- čas přidán 29. 06. 2024
- Many new home buyers fall in love with new construction homes (and I must admit, I do too!). No harm in that at all.
But also very exciting is the treasure hunt that is HUD Homes where you could potentially find a great home at a great bargain. Yes, you may need to include a little sweat equity, but it could be well worth the effort. If you are up for the challenge, a HUD home could save you money, and land you a home with equity built in.
Speaking of saving money, did you know HUD pays 3% of your closing costs? Did I mention that it is possible for you to only pay $100 in down payment for some HUD homes?
Step into the world of HUD homes.
Watch the video to get a good overview of what to expect and take a tour of the www.hudhomestore.com website.
Topics Discussed
What is a HUD Home?
What condition is the home in?
Who is eligible to buy a HUD home?
What Are Listing Periods?
Financing A HUD Home
Why Should I Buy A HUD Home
FHA $100 Down Program!!!!!!!
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I bought 2 HUD houses (100 down) in Atlanta during 2010-2013. One was only a 8 years old. Granite in kitchen and baths, it looked great, better than the house I brought Brand new only a few years earlier.
Smart move! Thank you for sharing your story.
Wow!
Were their a lot of risk and expenses when you bought the home?
Tiffany, we R awesome, great information.
Thank you for watching!
Great video and info, thanks!
So glad you enjoyed it. Thank you for watching!
The information was very helpful! Thanks
I'm glad it was helpful. Thank you for watching.
Thank you and Bless you for this wonderful video. The content was very helpful and your detailed information has provided me with proficient guidelines to move forward on my HUD home purchase.
I'm glad you found the information helpful. Thank you for watching.
thanks so much so clear explanation .
You are welcome. Thank you for watching!
This is good information, thanks for explaning that so well.
Glad you enjoyed it. Thank you for watching.
I wanted to tell you that you did a great job with this video.
Thank you for watching!
Very informative ❤
I stop the video on 4:53 just to say Thank you for meticulous explanation. Truly appreciated this content made specifically by you and now Im gonna push back the "play" button 🙏🏻👌
I really appreciate the compliment. Thank you.
Thanks!
You are most welcome!
Tiffany, great jog as a presenter, if i was in your state you would definitely be my go to person. I’ve liked, saved & subscribed. thx
How kind of you. Thank you for watching.
Thank you so much for the informative video!! I wish you were in Indiana
I appreciate your kind remarks. Thank you for watching!
Great video. There's a HUD home in my area I am interested in and this answered all of my questions about the process of buying a HUD home. Thanks!
Thank you for watching!
Nicely done ✅
Thank you for watching. All the best!
Thank you for this opportunity and update about hud homes this is my first time of trying to buy a home I will like to be in-touch
Wow super video
Great! Thank you for watching!
Good information 👍 ❤
Thank you for watching. All the best.
4 the algo
good info thx
Explained excellently, in a very methodical manner!
Thank you for watching!
Excellent video-It is so informative and clearly explained.
Thank you so much for watching!!!
Thank you, you gave such good information, and explained this so well. May I ask how good does your credit score have to be? thank you!
Hello Cindy. Thank you so much for watching. The credit score only relates to the type of financing you will use to purchase the HUD home. It will vary by loan type - FHA, Conventional, Hard Money, etc. You will follow the guidelines of your lender for the credit score.
Thanks Tiffany for the informative video on HUD homes - do you just cover Texas or could we use your services as a HUD agent if we are trying to buy a HUD home in other states?
Hello and thank you for watching. I am licensed only in Texas. Depending on the area/state you are in, I may be able to refer you to another REALTOR.
Hey miss lady! I just saw a New construction HUD home. I see a lot realtors discuss foreclosures. How about the new construction builds under HUD homes, do the requirements change or our they the same? Thank you in advance if you get my comment.
Thank for this video for the information like how break it down explain how to buy a home from HUD how good, or bad does your credit sore how bring up your Credit score to buy a home
Hello Christina. Thank you for watching the video. The credit score only relates to the type of financing you will use to purchase the HUD home. HUD itself does not get directly involved with credit scores. Your lender has the say so in what credit score is acceptable. It will vary by loan type - FHA, Conventional, Hard Money, etc. You will follow the guidelines of your lender for the credit score.
Thanks for great info in ur video. I have a question. I live in Indiana I just lost my home after living there 9yrs. 😢 My ex came into alot of money and went behind my back and bought my house out right. And him and his new girlfriend just moved in. What I'm wanting to do know is to buy a house on contract. I just can't see paying almost a thousand a month to rent again to maybe have same thing happen again to me. Is there anyway you can could set me in the right direction "best website " for houses on contract? I would very much appreciate it. I'm right now staying in my camper in my best friends back yard. I need to find a home yesterday.. thanks Kimberly
I purchased a hud home and the experience has been a nightmare. The government agency has not been the friendliest www
Good afternoon I was watching your program I was wondering do you also could find any home like that in Florida between Orlando Kissimmee and West Palm Beach
Hello. There are HUD homes all over the U.S. My assistance only extends throughout Texas. You should consider working with a REALTOR in Florida who has a NAID number for bidding on HUD homes.
No one ever tells where to find those HUD homes....
Hud has been very difficult to work with. I'm homeless behind a deal with them
How so? please explain. thanks!
Am looking can you help section 8
Hi, a quick question you don’t mention that you can walk to the homes? Our pictures your only choice for looking at the inside?
When you are viewing the HUD listing information, click on the last tab to the right entitled "Agent Info." Find the Listing Broker and call the number. If the home is available to be shown, the listing agent will provide the instructions. You may need to enlist the help of a buyer's agent to see the property of showings are allowed. Thank you for watching the video!
With inventory being low is it difficult to get a home once you made a bid?
It really depends on how much competition you are bidding against. Always be true to your numbers/calculations in what you can reasonably bid. If you are bidding as someone who will live in the home, it may increase your likelihood to secure the home, as not many homebuyers are aware of the HUD process. If you are bidding as an investor, there may be a bit more competition, as some investors use this source for homes regularly . . . when inventory is available.
What are the best homes to purchase
That would depend on what you are trying to do - live in the home yourself, fix and flip, or rent it out. Make certain the numbers work for what you have in mind.
@@tiffanyhayesrealestategrou6973 thanks
Hud is difficult to work with people. They move extremely slow with no consequences when they make mistakes . Do not sell your home following a victory of you buying a hud home . You might have all sorts of issues with hud, as they wait until the last minute to tell you about liens. Some of the government workers I the office are not the friendly person you would hope to get on the phone as 9 times out of 10, they will not answer
How do I find one of them homes my family and I need a home
abigail3111
1 second ago
Hello and thank you for watching the HUD Home video. To locate a HUD home, please visit www.hudhomestore.com. Be mindful that housing inventory is pretty low right now (at the time of this comment). Instead of searching by city, consider searching by county. Check the site regularly for new homes that may become available.
What does a credit score have to be to buy a hud home?
Hello Cheryl. Thank you for watching. Securing a winning bid on a HUD home has nothing to do with your credit score. The financing method you choose to purchase a HUD home with determines what your credit score needs to be. It depends on the lender and type of loan you choose to use - Conventional, VA, FHA, USDA, etc. Of course, a cash purchase does not have a credit score requirement at all. I hope that makes sense. When you buy a HUD home, you purchase with a lender/cash. HUD is only selling the property. The funding is between you and the lender.
Currently there are no properties in TX available on the HUD site mentioned in this video. Do you know why, or when inventory may increase?
Admittedly, inventory is down and prices are way up. We are still experiencing the ongoing impact of a COVID 19 pandemic housing market. The government and other financial institutions stepped in to help prevent foreclosures and evictions. It may be that when govenment intervention lessens, more HUD homes may come available.
Does HUD pay real estate commission for investor purchases? (3% listing agent 3% selling agent)
HUD does pay REALTOR broker commissions. You can always reach out to the contact information listed for the HUD home to confirm commissions.
I would like to buy hud homes as a nonprofit, how can I get started
You would need to apply for a NAID number so you can bid on the homes. The info for obtaining a NAID number is on the HUD website.
@@tiffanyhayesrealestategrou6973 thank you
How can I get started?
Hello. Make certain you are working with a good lender to get pre-approved for financing (unless you intend to pay cash). Once your financing in squared away, reach out to a REALTOR in your state who has a NAID number and can bid on the homes for you.
Hi. How do you purchase a home from a public housing authority?
Hello and thanks for watching. I do not specialize in that area and would not be able to provide much guidance. Check with your city's housing authority and ask for information.
@@tiffanyhayes1428 Thank-you for sharing and for responding with such honesty and professionalism. Hope you enjoyed your weekend.
Can I get a HUD home in a different state than where I live?
Yes, you can. Buying a home out of state is perfectly fine. The most important thing is to solidify financing with your lender.
@@tiffanyhayesrealestategrou6973 thank u
What's the official HUD website
Hello. You can find available HUD homes at www.hudhomestore.com. The official HUD website for the US Dept of Housing and Urban Development is HUD.gov. Thanks for watching!
THE IRONY
HUD's goal is to provide a decent home for 'low income' families. But the only thing it does is putting an absurdly high sale price on houses (Puerto Rico) that are more like ruins. If they 'sold out' it is because people do not have other choices but to fall victim of an overpriced sale.
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