How To Buy a Paso Robles HUD Home

How To Buy Paso Robles HUD Home

A HUD home is acquired by the US Department of Housing and Urban Development (HUD).

If a foreclosed home was purchased with a loan insured by the Federal Housing Administration (FHA), the lender files a claim for the balance due on the mortgage. The FHA pays the claim, and then transfers ownership to HUD, which sells the home.

Tips on how to buy a Paso Robles HUD Home:

*You must use a HUD registered real estate broker. My broker, Platinum Properties is a registered HUD broker.

*You must be pre-approved for a mortgage. Get pre-approved/pre-qualified.

*Owner-occupied bidders receive first priority.

*HUD offers three types of properties: FHA insurable homes, FHA insurable homes with a repair escrow (203K)and homes that are not insurable with an FHA loan.

*You do not have to finance a HUD home with an FHA loan.

Buying a HUD home is similar to buying a bank owned/REO property but because it is owned by HUD, there are different contracts and methods to submit an offer. Usually you can get a great deal on these properties, but patience is a must! There may be days before we know if HUD will accept or reject our offer and the offer is actually submitted electronically. This is why the broker must be registered in order to assist home buyers in putting in offers. Visit the HUD Homes website for more information

If you would like to find out more on how to buy a Paso Robles HUD home or HUD homes anywhere in San Luis Obispo County, email Suzanne Martin or visit my website to search for HUD homes or to get pre-qualified for a home loan.

Thank you for reading my blog on How To Buy a Paso Robles HUD Home!