Owner occupants can get a 100% FHA financing with a $100 down payment, seller may contribute up to 3% for closing costs.
Equal Housing Opportunity. Properties are sold "AS-IS"
*How to purchase a HUD property in Puerto Rico?
Go to hudhmoestore.com. Look for properties available per state, city & county and select one. There you'll see property details such as property case number, eligible bidders: owner occupants, nonprofits, and government agencies. Also, it shows bid submission deadline, bid submission time remaining and 2 special notes:
1. "Availability of home is subject to the Asset Manager accepting a bid from an earlier bid period or removing the home from the market."
2. "New bid-opening procedure for bids submitted on Friday, Saturday, Sunday, or Federal holidays."
There are five tabs with more information:
1. Property Info (Description of address, bed/bath, total rooms, square feet, year, housing type, number of stories, HOA fees, revitalization area & lot size.
2. Amenities (Description of amenities such as parking, foundation type, etc,)
3. Addendums (Link to special information and documents such as listing disclosure, PCR or property condition report, LBP disclosure addendum, mailing instructions & information you can use)
4. Maps ( Description of location. Beware tha sometimes is an estimate of location but not the exact location)
5. Agent Info ( All the contacts for the various parties responsible for a particular property. The Asset Manager is the HUD contractor responsible for the sale of the property. The Listing Broker was hired by the Asset Manager to assist with the marketing of the home. The Field Service Manager is responsible for maintaining the property.)
Within HUDhomestore you can also find a broker to help you show you properties and submit offers.
To make a bid on a HUD Home, you will need to use a HUD-registered Closing Agent. Use the BSCA Search tab to find HUD-registered Closing Agents in your area. The information shown for these Agents is the information on file at HUD.
WHEN PLACING A BID
Select from price rage, property type; sinlge family, multy-family or condo. Review listing periods exclussive, GNND or all bidders. Also, be aware of bid opening,
ADVANTAGES OF HUD HOMES
1. They might be listed below market value or with a price reduction.
2. If a condo doesn't qualifiy for FHA finacing, a HUD property located in that condo can be financed with an FHA loan type. (only for owner occupants).
3. GNND or Good Neighbor Next Door. The Good Neighbor Next Door (GNND) program helps make this goal a reality by encouraging law enforcement officers, pre-K through 12th grade teachers and firefighters/emergency medical technicians to become homeowners in revitalization areas.
4. Owner occupant first tiem home buyers can apply for an FHA 203k loan which allows you to borrow money, using only one loan, for both home improvement and a home purchase. ... 203k loans are guaranteed by the FHA, which means lenders take less risk when offering this loan. As a result, it's easier to get approved (especially with a lower interest rate).
Cash sales up to 30 days (after the contract has been ratiffied by seller)
Financed sales up to 45 days (after contract has been ratiffied by seller)
FHA 203K up to 60 days (after the contract has been ratiffied by seller)
FEES THAT MUST BE SUBMITTED
Fees must be submitted in certified funds only! The cost of the extension, when charged, is based on the contract sales price. Fees must be submitted in increments of 15 days:
Contract sales price $25,000 or less (extension fee to submit $150)
Contract sales price $25,001 to $50,000 (extension fee to submit $225)
Contract sales price $50,001 or more (extension fee to submit $375)
ALL EXTENSION FEES MUST BE MADE PAYABLE TO HUD!
3575 Piedmont Road NE
Atlanta, GA 30305
For more information go to Hudhomestore.com & sageacq.com