Buying HUD Properties.

Florida, New York, New Jersey and Ohio HUD Website http://www.nhmsi.com/

A good HUD property for an owner occupant is a great purchase. I have only found a few that need just cosmetics but there are some great buys. You can plan on gaining equity with a little hard work, maybe a contractor and will live in the HUD home as your sole residence for the 3-year owner-occupancy term. HUD has a set bid time for Owner Occupant properties and bid daily on the other listings. Check for listings that are back on HUD website market. A listing maybe available again because the bidder was not pre qualified for a loan or did not have proof of cash or paperwork was not timely. The best opportunities can be in a price reduction on a HUD property. The appraisal is made by HUD and the property's list price is set by HUD. These listing are bid every day and being at the right place at the right time can make the difference.

Good Neighbor program available properties are on the HUD website. This program is for qualified Officer Next Door, Teacher Next Door and Firefighter/Emergency Medical Technician buying one of the offered Good Neighbor HUD properties. You must certify the following:

1. You will live in the HUD home as your sole residence for the 3-year owner-occupancy term.
2. You will sign a second mortgage and note for the amount of the discount from the list price of the property you are awarded.
3. You do not and have not owned any residential real property for the calendar year proceeding the date you are submitting this offer.
4. You will not purchase or accept any residential real property prior to the date you close on the purchase of a home if your offer is accepted.
5. You will certify initially and once annually that you have continuously occupied and are occupying the HUD home you purchased.

Your bid should be electronically submitted after you look at the HUD property and complete all the paperwork that is necessary for the bid with your Realtor. Upon acceptance of your bid the next step is your Realtor will overnight the following to HUD.

1. copy of earnest money check that was submitted to your Realtor's broker,
2. proof of funds or pre approved for a loan and
3. all those required forms to confirm you bid.

You are now in contract and will be set for a closing to have property ownership.

It is all about net purchase offer. Bidding above the appraised value can be a good position to win the bid. All properties are different and the properties in the best condition will have many interested buyers. There are incentives that HUD will provide but having a bit of cash will secure your success. A bank loan only works with the appraised value and you may have to bring the cash difference for closing when you bid above appraised value. The final and most important factor in purchasing a HUD property is the highest Net Purchase Offer will win the bid.

New owner occupant HUDs are placed on the HUD web site on Friday and back on market or price reductions are found every day. Real Estate is a good investment.