5 Facts About Buying HUD Homes on the Central Coast

5 Facts About Buying HUD Homes on the Central Coast

1. You need a HUD Selling Broker to purchase a Central Coast HUD property.  Only a registered HUD Selling Broker can place a bid on a HUD property for you.  Mint Properties is a HUD Selling Broker and can help you place a bid on a local HUD home.
2. You get a “free” FHA appraisal. HUD orders an FHA appraisal  on all its properties prior to listing them.  Once your bid is accepted, HUD will provide a copy of that appraisal to you and if you are using FHA financing your lender may accept and use that same appraisal.  That will result in you saving the appraisal fee.
3. You must turn on the utilities. The utilities on HUD homes are deliberately kept off and HUD will not turn on utilities for your home inspection.  You are responsible for turning on utilities for all your inspections on a HUD home and you may do so only after receiving written permission from HUD
4. No repairs can be made on HUD homes. HUD home sales are as-is.  No repairs or disclosures will be made.  The cost of repairs necessary for FHA financing will be estimated and an escrow hold back will be arranged.  If the repairs are too extensive and anescrow hold back is not approved by your lender, the buyer will have to use an FHA 203k rehabilitation loan to purchase the home.
5. You won’t get keys to the home when you buy it. Unbelievable, right?  Unbelievable, but true.  HUD will not provide keys to the home upon closing.  When you take possession of a HUD homeyou must immediately re-key the home on the spot.

If you are interested in purchasing a HUD home in Santa Maria, Orcutt, Nipomo, or Arroyo Grande, CA, feel free to contact me today.  I can provide you with a list of available HUD properties here on the Central Coast and submit a bid on any available HUD properties.  I can be reached at (805) 878-9879.

Tni LeBlanc is an independent Real Estate Broker, Attorney, Short Sale Agent , Certified Distressed Property Expert (CDPE), and HUD Selling Broker serving the Santa Maria, Orcutt and Five Cities area of the Central Coast of California.

*  This article offers no legal or tax advice.  Those considering a short sale are advised to consult with their own attorney for legal advice, and their tax professional for tax advice prior to entering into a short sale listing agreement.  Mint Properties is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit rating.  DRE License #01871795.

Copyright© 2011 Tni LeBlanc *5 Facts About Buying HUD Homes on the Central Coast*