Get a real estate agent. A licensed real estate agent can help you navigate through the process of visiting and purchasing a HUD Home. The agent’s broker must have an NAID! NAID registration for a real estate broker permits an agent of the broker to make a bid on a HUD Home.
If you have bought a HUD Home in the previous two years as an Owner Occupant, you are NOT eligible to purchase another home. After purchasing a HUD property as an owner, you must wait two years before purchasing another. HUD gives first dibs on their homes to those who plan on living in a property; the two year policy deters investors who purchase during the initial 10 day period earmarked for owner purchasers only by claiming to be an owner from purchasing another property.
Owner occupants automatically have a ten day period to conduct a home inspection on the property. Because this is automatic, buyers do not need to worry about the competitiveness of their bids when feeling they need a home inspection contingency!
HUD will provide a Property Condition Report (with every property they put on the market. Every issue that is known about the property is disclosed up front. There is no need to worry about hidden damages that are not being disclosed by the seller. Of course, it’s always possible that damages are more extensive but this is why you always conduct a home inspection. The PCR will