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2013-02-09 23:15:44
HUD Homes In Utah
Today I am going to do my best to try to explain HUD homes.  There are many misconceptions when it comes to what a HUD home is, where they come from and how to buy them.  Simply speaking a HUD home is basically a foreclosure that is owned by the Federal Government.
When someone purchases a home using an FHA loan the Federal Housing Administration is insuring the lender against potential default on behalf of the buyer.  If and when the home owner is unable to make their payments, the bank or lending institution forecloses on the property and repossesses it. When this takes place, FHA pays off the lender and takes possession of the home themselves.  Once everything is sorted out and they are ready to sell the home it goes on the market as a HUD home.  HUD is an acronym for the U.S. Department of Housing and Urban Development, therefore, a HUD home is a government owned foreclosure.
Many people I talk to have a preconceived notion that HUD homes are depressed homes that need a lot of work.  Other people believe they are homes that are only available to people of lower incomes.  While many HUD homes aren't in the best of condition, there are plenty that are move in ready.  They come in all shapes and sizes.  Anyone who is able to get financing or cash who intends to live in the property can purchase a HUD home.  There aren't any income requirements.  Most HUD homes are only available to be bid on by owner occupants until they have been on the market for 30 days.  On the 31st day people wishing to buy the property for investment purposes are able to bid.
HUD homes are easy to bid on.  They are sold through an online silent auction format. To place a bid you have to go through a HUD registerred agent or broker.  With just a few pieces of information a bid can be submitted.  Typically the homes are placed on the market with an initial bid deadline of 10 to 14 days.  If a suitable bid has been made the bidder will be awarded and the home will go under contract.  If not, the home goes into a day by day bidding status wherein the buyer will have until midnight each day to make a bid.  If your bid has been selected you will have 48 hours to collect and sign (in blue ink) the full purchase contract, the pre approval letter from your lender, and the earnest money check of $1000, and overnight mail them to the asset manager.  Once the asset manager receives the contract, signs it and sends it back the property goes under contract and you will have 45 days to close.
The process seems complicated but it typically goes pretty smoothly.  With the help of a Real Estate Professional it should go fast and be relatively easy.
As a HUD registered Real Estate Agent in Utah, I have the knowledge and experience to help you purchase a HUD home.  If you have any questions about HUD homes or anything related to Real Estate orfinancing in Utah don't hesitate to let me know!  I'm happy to help!

 

View HUD homes currently available in Utah:
Utah HUD Homes

Begin your home search today at:
www.HomeFinderUtah.com

 
Kenny Maddy
Elite Realty Group
801-599-3744
MaddySold@gmail.com
 
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