Buying a Hud Home in Colorado Springs

Buying a Hud Home in Colorado Springs

I wrote a post explaining the process of buying a hud home in Colorado Springs over a year ago. Recently, the process has changed. A HUD home is simply an FHA loan that went into foreclosure.

You no longer go to MCBREO to find Hud Homes available. You have to go to HUDhomestore.com now to find all of the HUD homes available.

On the new website, you will find all the information you need about homes available and the process for buying a HUD home. If you are interested in bidding online on a HUD home, you must do so through an agent who is registered with HUD.

Initially, HUD homes are offered to owner/occupants. During the first 10 days all bids are collected and then reviewed for the best offer. The new rule has investors waiting 30 days until they can bid.

Earnest money for all homes over $50,000 is $1,000. Under $50,000 is $500. This money can be applied toward your downpayment on the home.

Once you place your bid, you should get an answer after that initial 10 day period. If the initial 10 day period has passed, you will get your answer within 24 hours in most cases.

If you are interested in buying a HUD home, it is important to use an agent that understands the process.

****************************************************************************************

Contact Kristi today if you would like more information on buying HUD homes.