During 2017, the process of purchasing HUD properties has undergone several changes for the better. It is now easier and more efficient than ever to buy HUD properties. Some of these properties are in good condition, some in poor condition but what you see is what you get! There are and never have been any secrets to these properties and all known information is shared.
Good reasons to purchase HUD that haven’t changed are as follows: 1) Owner occupant buyers always get a first crack at the apple for 10 days. The goal of HUD is to get owners into the house so a distinct advantage is given to these buyers over investors; 2) All HUD inventory can be found conveniently at www.hudhomestore.com where agents and buyers alike can browse; 3) All owner occupants will get 10 days to conduct a thorough home inspection after the contract is ratified. This is not a competing stipulation to the contract; 4) Prompt response to offers. After the exclusive period, bidders will receive a response the next business day. During the exclusive period, a running clock is located on the hudhomestore site for the property. No guessing as to when a response will be give; 5) HUD will give you their minimum net value for the property in the event your bid is low; 6) Automatic 45 days to close for financed offers (60 for 203K loans) and 30 days for cash. Again, not a competing stipulation to the contract.
Lastly, the hudhomestore site is a one stop shop for all information needed to purchase a home, HUD or not. On this site, you can find qualified real estate agents, closing agents, etc as well as follow links to learn what to look for when buying properties. So what’s new in 2018?
Well, we can’t say this is new to Virginia because it has been around since this past summer. But 2018 will be the first full year to use the new process. What does that mean for the buyer or agent? 1) No printing, signing, and snail mailing contracts; 2) No running around to the broker, title company, and buyer to complete their portion of the contract; 3) No missed initials that require corrections to be forwarded and, thus, delays in ratification; 4) Quick, efficient, and seamless ratification of contracts.
To watch a video and other instructions on the new e-signature process or for any other questions regarding purchasing HUD properties, got the the HUD HOMESTORE HELP page! Link provided. Happy house hunting!