An extra $500 to the selling broker

A HUD home is a 1-4 unit residence acquired as a result of a foreclosure on an FHA-insured mortgage.

In this market, most buyers are obtaining FHA-insured loans to purchase their homes.  As a result of this, the inventory of HUD homes has increased from 5% to 40%.  There is wide variety of HUD homes on the market, with variety in price, size and condition.

Anybody can buy a HUD home.  Anybody can view HUD homes online. Just go to their website, www.hudpemco.com, and sign up as a buyer.  It is FREE!!   However, in order to submit a bid on a HUD property, you must contact a licensed agent whose brokerage is registered with HUD.  It is a good idea to ask up front, because if your agent's broker is not registered, it can take up to 8 weeks to complete registration, and you may lose out on that perfect home!

HUD homes are sold AS-IS, but if you qualify for an FHA loan, then you should have several financing options to be able to take care of any repairs that may be needed.

THERE ARE SEVERAL INCENTIVES TO PURCHASING A HUD HOME!!!

Georgia:
$100 down payment option to owner
occupant buyers using FHA financing

NEW GEORGIA INCENTIVE: $1,000 Sales Allowance paid to Owner-Occupant buyers who go under contract on a HUD property within its first 30 days on market 

Only available to owner-occupant buyers; investor buyers not eligible

§         Buyer financing type is irrelevant

§         Eligible properties are new listings which have a list date of June 4, 2008 or later.

§         Please note this incentive is available for new listings only; properties which were/are on market and re-list after June 4 are not eligible for the incentive

§         Contract must be received and executed within 30 days of property’s initial list date