The cat is officially out of the bag, prospective buyers throughout the country realize that they can get a good deal when they look for HUD homes. The Tucson real estate shoppers are aware of it too. Every month, the amount of clients that are interested in learning more about Tucson HUD homes increases. In addition, more and more people log onto the website for the Department of Housing and Urban Development (HUD) and look for affordable apartments and houses that are put up for sale by HUD.
Like many of the housing programs that are on offer, these HUD homes are specifically intended for first-time buyers and people with a low-to-moderate income. Any time a lender forecloses on a property that had an insured HUD mortgage, HUD pays the lender what was still owed on the house. From there, HUD tries to sell the home as quickly as possible at auction. Because HUD does not want to keep sitting on these properties and wait for them to increase in value again, buyers can often get bargains below appraised market values.
Can I benefit from these HUD auctions?
If you have gotten interested after learning a little more about Tucson real estate, you may want to know if you are eligible to buy these homes. Anyone that has the cash available or can qualify for a mortgage is able to buy a HUD home ? it is that simple.
What is the catch?
When we explain to our clients what HUD homes are and let them know that they may be eligible to buy one of these HUD homes at auction, they often wonder what the catch is. While there is no ?catch,? there are two important things to remember:
- No direct financing ? If you are interested in buying HUD Tucson real estate, you have to go through a mortgage lender or have your own cash reserves to be able to pay for the home. Prospective buyers should not expect HUD to provide financing, or assistance. It is possible that you will be able to finance the purchase by qualifying for an FHA-insured mortgage. However, that is something that we can always discuss later.
- It comes as is ? When you buy HUD homes, they come on non-warranty basis, sold as-is. This means that if there are large repairs that need to be made, this is coming out of your pocket.
How do I start getting involved?
If you are interested in buying one of these homes, and entering the auction, you will be glad to know that while most real estate transactions seem relatively difficult, purchasing a HUD home is straightforward. Head to this url (http://www.blasshomes.com/tucson-real-estate/tucson-hud-homes/hud-homes-form/), sign up for the free Tucson HUD Homes List, look for the houses on sale, and let us know that you are interested in placing a bid. If you have put down the winning bid, we are going to help you through the paperwork process. It has never been easier to be a homeowner.
The steps of a home auction
When a HUD home goes on sale, preference is given to those people that actually want to live in the home. While these houses come at a great price for investors, the program was established to help first-time homeowners or those with lower incomes a chance to own a home. These are the steps for the first 10 calendar days after the home is listed:
- On the first day after the first five-day period, all bids received are reviewed.
- All the bids (owner-occupant offers) are reviewed, and if there is an offer that is deemed acceptable, the property is awarded to that bidder.
- In the event that no offers come in during the first five days, the remaining five days are going to have daily bid openings. If there is an acceptable bid during this time, the property is awarded to that bidder.
- If there are no acceptable offers after the owner-occupant priority period is over, investor purchasers may have their bid considered as well.
As you can see, after the initial Offer Period where you have to enter the home auction, any acceptable offer will be considered. If you have an acceptable bid on one of these HUD homes, you will often be notified by us within 48 hours ? letting you know that you are the new owner of a piece of Tucson real estate.
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Source: http://www.blasshomes.com/big-savings-with-tucson-hud-homes-auctions/
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