Have you ever had any questions regarding HUD Homes? Read on for quick answers to the most fundamental questions regarding HUD properties. If you have any questions that aren’t answered below, please drop us a line – we’re experts!
What is a HUD Home?
A HUD Home is a property that HUD (a.k.a. The Department of Housing and Urban Development) has put back on the market through Local Listing Brokers. It is HUD’s sincere belief that finding new owner occupants for these homes will help improve the neighborhood they are in and the housing market as a whole. While HUD Homes are also available to investors, priority is give to owner occupants, and the content of this article will refer only to owner-occupants.
Why should I purchase a HUD Home?
There are enough reasons to fill an entire article on their own!
- In this hyper-competitive Greater Seattle real estate market, HUD Homes are one of the best ways for a buyer using financing to be on equal footing with a cash buyer. HUD gives the same priority to cash buyers that they do to financed buyers – even FHA buyers! No more getting beat out by a lower cash offer. In a similar vein, HUD will also pay up to 3% of the buyer’s closing costs.
- Earnest money deposit for HUD homes are never more than $1000. This is great for financed buyers that don’t necessarily have a lot of cash to put down.
- Owner occupants are given priority over investors for the initial bidding period. This period differs based on the insurability status of the home, but owner occupants will always have the first crack at a HUD Home when it is listed.
- For FHA buyers, many expenses are paid for by HUD. An FHA appraisal is performed for every HUD property before it is listed, and it is good for up to four months. If applicable, lead based paint and termite inspections are performed by HUD, as well as necessary lead or termite remediation. This could save thousands of dollars for an FHA buyer.
Anyone who has not purchased a HUD Home within the last 24 months can purchase a HUD Home, as long as they then occupy the home as their primary residence for at least 12 months.
Where can I find HUD Homes?
The best place to look for HUD Homes is at www.HudHomeStore.com. Every HUD Home in the nation that is currently open to bids is listed on this website. A licensed real estate agent can also find and show you HUD Homes in your area.
How can I purchase a HUD Home?
A licensed real estate agent can put in a bid on your behalf at www.HudHomeStore.com. If the bid is accepted, then a complete contract will be submitted – but that’s a topic for another article! If you will be using financing to purchase the home, it is a good idea to have your pre-approval letter before submitting the bid.
When should I purchase a HUD Home?
Right away! The market is heating up and interest rates are rising with little sign of either slowing down soon. The sooner you move into your new home, the better deal you can find and the more equity you can build! Read More →
Follow this link to learn more – Tuscan Real Estate
Located just a short and quite picturesque 1-1/2 hour drive from Jim’s ancestral home in Spoleto, Italy, Montepulciano, Italy is the prototypical Tuscan “hill” town. Both Montepulciano and Spoleto originated as defensive locations. Early Italy was a bunch of small nation states all vying for power and control. Montepulciano’s description in the accompanying article is mirrored in Spoleto.
If you visit one, you just have to visit the other. Stop by and say high to Jim’s cousins in Spoleto!
1) Start Slow And Build Solid Foundations
- The Scenario -
Obviously, this is a lot to take in at first. It can seem like a sudden reversal to be so technology dependent in real estate, and to be so transparent can seem like a dangerous game. However, technology works. And more importantly, it’s proven by the best. Now is the perfect time to ease into it.
- The Solution -
Gary Vaynerchuck, in his bestselling book Crush it!, expressed how real estate is especially resistant to change, due to a mindset that does not trust transparency. With my nascent experience I can’t definitively say how true this is, but what matters is that veterans of the industry with proven success think it’s true. The public also thinks it’s true: one stop on the Trulia or Zillow and their forums will show you how ignorant people are about the home buying process itself. This isn’t because agents aren’t doing their jobs; agents are nothing if not enthusiastically trying to get their information out there. It’s simply that people feel pressured up front to buy but unsure of their knowledge, which makes them nervous. The last thing you want to do is look nervous as well be rejecting evolving technologies.
No one is suggesting any one person can change real estate over night; nor should you or your team even try. The beauty of being an agent means independence, so you can simply change yourself.
Don’t start a QR campaign and expect a hit overnight: start small and give yourself time to make changes. Make practice codes and signs before you are ready to show any new marketing materials to clients. Build your network and invite suggestions if you find yourself struggling, or simply take a break and get back to what you know. If people copy your ideas, great! Don’t get cagey when the new guy down the hall asks you for help because he can’t understand what an app is. Try to provide him with help or at least point him to a better resource to save yourself time. Like with anything, you want an audience, but you need to tell a good story.
- The Reward -
It is, as with all things, simply about effort. You are your own best source of feedback. Find what’s feasible for you at the time and what is worth your time. Little things, like saving paper and learning a new app, are just the first step into a high-tech endeavor which will leave you ready for the future. Most importantly: it will make you a leader when you get there.
3) The Future QR Code Is Already Here, It’s Optimized For Brands, And This Will Help You Prepare For It
- The Scenario -
Have you heard of Gravatar?
It is essentially an online image that follows you around and links you to commentary and posts. If you use Wordpress for your blog, you already have the code for it. It’s like an embedded, protected, digital signature you can use on any site. Now imagine using it for your branding and your listings, connecting them all together. Imagine your users being able to contact you by simply clicking on your Gravatar and getting your V-card off of your listing. It’s that simple and, because you can pick any image as your Gravitar, it can be your logo or brand! A lot more attractive than a bunch of blocks, yes? And you can use it on any site you join!
- The Solution -
Google Glass and other image apps scan images and link them to similar images on the Internet. These apps are more popular than ever and people use them to inspect and get news on new brands and their interactions with others. With Gravitar, when the public scans your logo, they see your brand logo has a Gravitar history and they can see what else you’ve done online as well as to contact you.
- The Reward -
You will have successfully established your image and your brand as something that belongs to you and you alone. No one can impersonate or imitate your posts as long as your Gravitar account itself is secured. It leaves you less open to costly online attacks.