Purchasing a HUD home in Virginia
What do you think of when someone says "HUD home?" What we picture in our mind? Home that is run down , trashed , destroyed and damaged are often used to describe HUD owned properties.
What is a HUD Home?
A HUD home is simply a FHA-insured property that a lender has foreclosed on. Because the previous owners couldn't make their payments, the lender files a claim with FHA for the balance due on the mortgage. HUD becomes the property owner and offers it for sale to recover the loss on the foreclosure claim. HUD homes are NOT low-end housing! They are often in move-in condition and need little or no maintenance. HUD homes can be found in nearly every county in Virginia.
Who can purchase a HUD Home in Virginia?
Almost anyon e! If you have the cash or can qualify for a loan (subject to certain restrictions) you may buy a HUD Home. HUD Homes are initially offered to owner-occupant purchasers (people who are buying the home as their primary residence). Following the priority period for owner occupants, unsold properties are available to all buyers, including investors.
Are the home some AS IS?
Similar to foreclosure and short sale, the HUD homes are sold AS IS . They do encourage you to get an inspection after your offer is accepted. However all HUD Homes are sold AS-IS, without warranty. HUD will not make repairs nor pay to correct any problems.
How do I purchase a HUD home?
If you are considering this option when you decide to make your next home purchase, all properties available for purchase by the public are offered for sale at Internet listing sites maintained by management companies under contract to HUD. Any real estate broker registered with HUD may submit an offer and contract to purchase on your behalf. HUD pays the real estate broker's commission, if included in the contract.
My office is one of the broker office that is registered to sell the HUD homes. Let's start your next home search with another option to choose from in this buyer's market.
You can reach me at 703-625-4949 or email me at Info@eNOVAHomes.com
Ritu Desaiwww.eNOVAHomes.com
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