Department of Housing and Urban Development (HUD) residential foreclosures are available throughout the United States. You should inspect a HUD foreclosure, for information purposes only, before making an offer. In other more expensive areas, you are likely to find far fewer available homes. HUD homes must be purchased through HUD approved brokers which Horizon Realty has been for many years. The bid that meets the acceptable threshold and has the highest net to HUD receives a provisional bid acceptance subject to receipt of all required documents.
An owner occupant purchaser is a person who plans to live in the property as their primary residence for at least 1 year, and has not purchased another HUD Home as an owner occupant within the past 2 years. Owner occupants are persons who will affirm in writing that they have not purchased a HUD owned property in the last two years and they will live in the home as their primary residence for at least one year. Owner-occupants enjoy purchasing HUD homes because they are not competing with cash investors.
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 based paint, or any other condition that may render the property uninhabitable or otherwise un-useable. If you have the cash or can qualify for a loan (subject to certain restrictions) you may buy a HUD Home.
CJ Realty Group is a registered HUD Broker and would be glad to assist you in making a bid on a HUD property in Northern Virginia. Once HUD approves the offer, which can take months, time to funding is only a matter of days, not weeks, as it is in a conventional purchase. HUD guidelines allow owner-occupied buyers to bid on uninsured properties for five days before investors.
HUD Homes make for a great investment whether you are a first-time homebuyer or seasoned investor. For minor repairs, which are specified in the HUD listing’s Property Condition Summary (PCS) is Insured with Escrow. Each one, once HUD takes it over, is assigned a field service manager” who keeps a watchful eye on the home to make sure it’s secure and provides maintenance while the home is unoccupied. I’ve bought five HUD Homes as real estate investments and the fifth one was just this week. I tour Northern Virginia HUD homes on a regular basis and many of the homes are in nice condition, not perfect but they are priced competitively for the neighborhoods where they are located.