HUD Homes - What is a HUD Home?

Описание: HUD Homes Are A Great Resource For Finding Below Market Real Estate. Here's A Quick Explanation On Investing in HUD Properties...

Hi, this is Frank Chen with REIClub.com, the only site you need as a real estate investor. Today I've got a quick video on investing in HUD homes.

What are HUD homes? U.S. Department of Housing and Urban Development
A HUD home is a 1-to-4 unit residential property acquired by HUD as a result of a foreclosure action on an FHA-insured mortgage. HUD becomes the property owner and offers it for sale to recover the loss on the foreclosure claim. HUD offers these properties for sale to both owner-occupants and investors

HUD homes are usually appraised, then priced at fair market value.
List Price usually accounts for needed repairs
Usually sold "As-Is"
Bidding process - highest net accepted
Special purchase programs for teachers and law enforcement

Where can you find HUD Properties?
Hud.gov - hud home store - daily listings and monthly auctions
general public
agents
mortgage agencies
non-profit organizations
MLS - Search HUD properties

HUD Home Qualifications
Almost everyone
Cash buyers - majority
Be able to qualify for loan
Private lender or Transactional funding in place

Financing - Hud does not cover financing

Earnest money - deposit towards purchase price - secures bid and contract - ~$500
Accepted - escrow - closing
Declined - returned
Failure to fulfill - forfeited

Inspections - Yes and No
starting out - yes - get an idea of what you are buying, repairs, etc...
more experienced - a quick glance at the pictures, market analysis, etc...

90-Title Seasoning
Does not apply to accepted cash overs, or existing FHA insured loans
Only applies to new FHA qualified loans

Profit
Flipping to an investor
Renting - cash flow

There are thousands of highly affordable homes and apartments offered by HUD around the U.S. They create cheap opportunities for real estate investors to find real estate investments. The bidding process is rather simple, but competition can be fierce, so having a mentor with experience and connections can definitely make this process easier. When you start building relations with your bidding real estate agent and brokers, you will start to get insider info on properties before they even hit the auction floor. This is the end goal for most real estate investors seeking this strategy to find real estate.

Again, this is Frank Chen with REIClub.com. Please take the time to leave your comments for this video below and please subscribe to our YouTube channel so you'll be automatically notified when we upload more quick video tips for you. Take care and good investing.

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