Written By: Karen Deis
HUD Homes have been around for a long time, but never with as much inventory as they have right now. You have a window of opportunity here because it's a niche market that many people know about - but few participate in.
When I managed a mortgage company in Houston in the mid '80s, it was almost a mirror image of what's happening today. Oil prices went thru the roof. Banks went belly up. The housing bubblle - and then the crash. Auctions and HUD Home sales took over where traditional sales left off. In fact, not only did it keep my family "fed", I had more business than I could say grace over because I was known as the HUD Home Specialist in my area.
What FHA has done now was to extend the $100-down repo program that allows borrowers to purchase HUD-owned properties. In fact, some of the properties offer financing of up to 100% of the loan amount, which could include repairs up to $5,000. In some markets, there are additional "incentives" to borrowers, with up to $2500 in paid closing costs and an additional $500 commission bonus to the real estate agent.
But, there is a "process" that you need to know about and we have outlined it all for you in this article.
This article includes:
- Real Estate Agent's Guide to Selling HUD Homes (give to your real estate agents)
- What You Need to Know When Buying a HUD Home! (brochure for buyers)
- List of Management Companies (11 companies who manage HUD homes - links to their websites and covers all states)
- Marketing Tactics (becoming the expert
