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HUD & Foreclosed Homes

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What is a Hud Home? A Hud home is a home that was previously owned by an owner who couldnt make their payments. The owner defaulted on their Hud Insured loan and entered into foreclosure.

Who can buy a Hud Home? Anyone. Hud offers an initial 10 day bidding period to owner occupants only. After the 10 day bidding period homes that are still on the market are then offered to investors.

What type of financing do I need to buy a Hud home? Hud doesnt offer any special type of financing for these homes. Many Hud homes do qualify for FHA financing. All you need is to be approved for a loan by your local lender.

What is a bank or foreclosed home? A bank owned or foreclosed home is a home that was reclaimed by the lender or bank due to the previous owner not making his/her payments.

Will banks or Hud homes do any repairs or give warranties? Hud homes are always sold as is. Bank properties 99% of the time also are sold as is. Due to this many people are unable to buy certain properties that require excessive repairs. FHA and Conventional loans may or may not lend on certain HUD homes or bank owned homes. Be sure to have us help you know which homes you will need to buy with cash or which homes will qualify for you to buy with a loan. Inexperienced lenders and Real estate agents could cost you your earnest money by placing bids on these properties.

How do I look and buy a HUD home? Only Real Estate Brokers that are certified with Hud can assist you with buying a Hud home. We are registered with Hud and have been selling Utah HUDS since 1989. To view Huds, find financing, or buy a hud, email me direct at homes@utahdave.com or call me at 566-7800

Can I buy a Hud or bank owned home for a great deal? Many of our clients have found incredible deals when buying a Hud home or a bank owned home. Not all banks or Hud homes may be a great deal however. We must analyze each home individually to determine market value.

How do I find or view Hud homes or bank owned homes? Huds and bank owned homes are listed on the MLS. When searching online they are included with the general homes for sale. However, we have the ability to highlight Huds and bank owned homes only by sending them to your email. Just fill out the form at the top of this page.

How much money must I put down to buy a HUD or Bank owned home? The amount you must put down is determined by what type of loan you qualify for. However, almost all Huds and banks require you to deposit $1000 up front as earnest money when you put a bid on a Hud home.