Not all foreclosure properties are created equal!! Foreclosures AKA REO’s are some of the very best values in St. George and southern Utah. They come in many shapes and sizes…HUD being one great example.
HUD is an acronym for DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT. Buying HUD foreclosures require your real estate agent/broker to be HUD certified, and I highly recommend your agent has HUD experience. Some of the things that are important or even critical to understand are:
- Police, teachers and fireman get special privileges and savings with HUD.
- Lots of overnight mailings.
- Short deadlines that require rapid response.
- All deposits certified funds only help by HUD.
- HUD decides whom will do your title work.
- Investors can not bid on a HUD home for a designated time period.
- HUD is like Sgt shultz…they know nothing, hear nothing and see nothing…in other words you are buying home as is where is with no information.
- HUD does supply you with a very minimal check sheet on the condition of the home.
- Outstanding value…as a general rule a HUD home will need some fixing up.
- HUD transactions generally go smoothly but do not expect a lot of flexibility on deadlines.
- Primary residents are HUD’s favorite customers and HUD is kind enough to keep the investors at bay so a primary resident has first “dibs”.
- HUD wants their KEY back!!! Most closings you get the KEYS to your new home…not with HUD…they get the keys at closing so be prepared to change all locks at closing!
These are just some key points in considering a HUD home. Choose an agent with HUD experience and certification for the best results. Remember me for all your real estate needs. Refer all your friends and family to me for their real estate needs. No matter where they live. I belong to a think tank of top real estate agents around the country and the world with the same type of skill sets and training as me. They have a proven track record.