Mount Gilead Home Buyers Ask About HUD Homes

Mount Gilead Home Buyers Ask About HUD Homes. In this current real estate market there are investment opportunities abundant!

One of those opportunities are the abundance of HUD owned homes on the market. These are homes that the lender has "bought back" at the sheriff sale and because the loan was an FHA (HUD) insured loan, HUD pays the lender the value of the "insurance" and HUD becomes the legal owner. HUD then lists these properties with local Realtors to get the maximum exposure possible and move toward a quick sale. "Quick Sale" are the operative words.

Buyers can really get a good deal but they must be "READY, WILLING, and ABLE" to move forward with the purchase. After viewing the property with their real estate agent, buyers must be pre-approved with a lender and they must be able to put up between $500 and $1000 in earnest money should they be the successful bidder.

HUD places all their properties on a web site and buyers work with real estate agents to submit their bid electronically. Once notice comes that you are the winning bidder, then a full written bid package must be forwarded to HUD within 24 hours.

Here in Morrow County, my office is the Listing Broker for HUD owned homes. We are also the Listing Broker for HUD homes in Marion, Crawford, and Wyandotte Counties. To see what HUD owned homes are currently available in any of our service areas, go to www.nhmsi.com and click on "Ohio" at the bottom of the page. From there you can search by County, City, or Zip code.

For more information and help with the home buying process, give me a call at 419-947-4004 or email to herb@herbsells.com