Hud Home update - Saint Clair Shores, MI

I wrote a post last year about hud homes in St. Clair Shores. I thought I would do another post with some more tips and advice.

There are currently 23 hud homes on the market is St. Clair Shores as of Jan. 16th, 2009 (tip: new hud listings always come out on Fridays)

• $100. down FHA loans are still available on fha insured homes over $25,000 for owner occupants
• Hud is still offering an additional $2,500 in paid closing costs on fha loans
• Hud homes must be bid on via electronic bidding by a licensed hud approved broker
• required earnest money amounts - sales price up to $49,999 = $500 and sales price $50,000 and up = $1,000
• Hud does not counter offers, they either accept or reject. If rejected you can resubmit an offer.

FAQ: How low of a price will hud accept? (a) I have no idea. What I have found out in my experience bidding/selling hud homes is that there is no rhyme or reason on how they determine what price they will accept. I have seen them reject offers just under asking price and I've seen them accept offers well below their asking price.

Once you have an accepted offer be patient, while your agent will receive an answer to your offer electronicaly the next day (typically), it may take up to 2 weeks to receive a signed purchase agreement back from hud. Once you receive the signed contract back, it typically takes 60 days to close.

Contact me for a current list of Hud homes in St. Clair Shores and surrounding areas or for more information on St. Clair Shores Real Estate.

Mike Mitchell - REALTOR ®
GMAC The Kee Group
Direct: (586)291-2652

http://www.mmhomesearch.com/