What is A HUD Home?
A HUD home has been foreclosed on by HUD and then put on the MLS for sale to the public. Owner occupants can bid before investors, and thus stand an excellent chance of securing their home. There really is not much different buying from HUD as buying a traditional sale, since I will be there with you to help write your bid, submit to HUD and have careful follow up to make sure everything is done professionally, so that you have the best chance at winning the HUD bid..HUD’s “AS-IS” Policy:
HUD Homes are Sold AS-IS. HUD makes no representations or warranties concerning the condition of the property, including but not limited to mechanical systems, dry basement, foundation, structural, or compliance with code, zoning or building requirements and will make no repairs to the property. Regardless of whether the property is being financed with an FHA insured mortgage, HUD does not guarantee or warrant that the property is free of visible or hidden defects, termite damage, lead base paint, or any other condition that may render the property uninhabitable or otherwise un-useable. The purchaser is responsible for taking such actions as it believes necessary to satisfy itself that the property is in a condition acceptable to it, of laws, regulations and ordinances affecting the property and agrees to accept the property in the condition at the time of contract acceptance. Purchasers are encouraged to have a home inspection performed to identify any possible defects. I will be with you at all inspections, and if you are out-of-town, I will make sure that I represent you at all inspections.
Accepted Bids:
If your bid is accepted, (I will be notified via HUD) you are responsible for delivery of the original signed sales contract and addenda to MLM III within 2 business days. Therefore, you must have your Sales Contract and addenda, including your purchaser’s pre-qualification letter or verification of cash funds for a cash sale, prior to submitting your bid. If your sales package is submitted incomplete, your bid acceptance may be cancelled. (These are items I take care of for you-so once the bid is won, because I already have your earnest money in place and the contract signed)
