Buying HUD Homes in the Tampa Bay Area

What is a HUD Home?
HUD homes are typically 1 to 4 unit residential properties acquired by HUD as a result of a lending institutions foreclosure actions on an FHA-insured mortgage. HUD becomes the property owner and offers it for sale to recover the loss on the foreclosure claim. A HUD home is another type of Real Estate Owned (REO).

Who can buy a HUD Home?
Almost anyone! If you have the cash or can qualify for a loan (subject to certain restrictions) you may buy a HUD Home. HUD Homes are initially offered to owner-occupant purchasers (people who are buying the home as their primary residence). Following the priority period for owner occupants, unsold properties are available to all buyers, including investors.

How are HUD Homes sold?
All properties available for purchase by the public are offered for sale at Internet listing sites maintained by management companies under contract to HUD. Any real estate broker registered with HUD may submit an offer and contract to purchase on your behalf. HUD pays the real estate broker's commission, if included in the contract.

Are there any special programs?
Properties in designated areas are available at a reduced sales price to law enforcement officers, teachers, firefighters, emergency medical technicians, nonprofits and local governments. Read more about these Good Neighbor Initiatives at: www.hud.gov/homes/index.cfm

Should I get a home inspection?
You are encouraged to get an inspection after your offer is accepted. All HUD Homes are sold AS-IS, without warranty. HUD will not make repairs nor pay to correct any problems after the contract is accepted. It is advisable to make your offer contingent on a home inspection. An inspection will tell you about the condition of the home, and can help you avoid buying a home that needs major repairs.

What about financing?
Although HUD does not offer financing directly, some HUD's homes qualify for FHA-insured loans. Shop around for a lender to find the best loan terms. How can an FHA loan help you? HUD is currently offering a $100 Down payment initiative. The $100 down payment is for owner occupants purchasing a HUD Home with FHA financing. This incentive is also available to owner occupant purchasers who obtain a FHA Home Repair loan. It's a great time to Purchase a HUD Home with FHA financing.

Buying a HUD home can be a fantastic opportunity, however there are some pitfalls than can cause you problems if you are unaware. Our company is experienced and trained in how to walk through this potential mine-field. For additional information and answers to your questions, call or e-mail the Diamond Dwellings Realty team today. 813-653-1241

Dave Tipton, Broker- Diamond Dwellings Realty

We are a registered HUD Real Estate Brokerage Company. Website

Check out the properties currently available at:

www.nhmsi.com/listings.html