Archive for October 14th, 2009
What’s a Hud home? How do I buy a HUD property?
Its interesting, we’ve been doing real estate for years now and haven’t had to answer the “How do I buy a HUD home?” question. We don’t see that many come around. Today, however, we found a 2/1/1 in Mission Viejo for 160K!
What exactly is a HUD home?
Of course, you know HUD stands for US Dept of Housing and Urban Development. The listing agent, Barbara Kerr with Realty Execs, explained HUD homes as properties with FHA loans that had been foreclosed on. Because FHA is a government backed loan, these properties go back to HUD when owners abandon the property or go through foreclosure.
How do I buy a HUD property?
Not just anyone can get their hands on one. HUD homes have a special key to enter; they don’t have normal lockboxes and supra keys us Realtors typically use. Interesting… *thought* there could be less competition for our buyers on these properties because this is an additional hoop to jump through. Of course, we checked the details on the website – we need to have a Name and Address Identifier number with HUD in order to make a bid. It appears the required NAID # is issued to our broker, not us. So, we’ve been in touch with Darrell our fabulous broker to see about getting all set up 🙂
Barbara, the nice & helpful *yay, rare!* listing agent, said she gives a class on it, I told her I would like to attend. I’ll blog more after that…We’re always learning something in real estate!
Having capability to offer on HUD properties will help both our investor and first time buyer clients – double win!!
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Orange County Real Estate Success 