Casa Grande Real Estate

Elevate Your Knowledge

Shopping Arizona HUD Homes

HUD Purchasers MUST obtain the services of a HUD registered real estate agency to view and purchase a HUD home.

 

Features:

Closing Costs Offered

Appraisal Completed

Home Inspection Completed

Termite Inspection Completed

Special Discount Programs Available

 

Below are brief explanations of what you see on HUD listings when you review status and property condition reports.

As-Is Value: HUD will not guarantee condition of any property nor whether it meets local codes or zoning requirements. An FHA appraisal will determine fair market value of the property prior to the listing. Copies of that FHA appraisal will be made available to a buyer and their lender by request only after they’re under contract.

Investors: Investors cannot submit bids during the owner occupancy period which is 10 days after the listing’s been activated. Only if the property remains unsold can an investor submit their bid after the results are posted on the 11th day.

FHA 203b Regular FHA Financing- Listed as “IN”. The property does not have any mandatory repairs. In this case, FHA will insure the loan, hence the classification, “IN”. Contact your lender for specific costs and guidelines.

FHA 203b Repair Escrow Financing- Listed as “IE”. The property has less than $5000 in repairs to restore the property to minimum property standards. FHA will insure your loan provided the repairs are completed within 90 days of closing.  Contact your lender for specific costs and guidelines.

FHA 203K Financing Eligible- Listed as “IK’ or “UI”– For properties needing more than $5,000 in repairs to restore the property to minimum property standards. This cost is built in to the buyer’s loan. Any purchaser that chooses to use this Rehab Loan must get qualified for this program through an FHA approved lender. Your lender must obtain an inspection report from an approved 203(k) consultant and a new FHA appraisal must be done. Contact your lender for specific costs and guidelines.

Bid Deadline: Bids will be reviewed the following business day after the bid deadline. Bid winners shall be posted no later than 4:00 Eastern Standard Time. For the first 10 days the property is listed, only Owner Occupant Purchasers bids can be submitted.  All owner occupant bids will be reviewed on the 11th day and considered as though they were received simultaneously. If no owner occupied bids are accepted on day 11, bidding becomes available to all purchasers on a daily basis. 

Property Condition: Be sure to check out the property condition report prior to submitting a bid. It is recommended you hire your own licensed home inspector to inspect the property as well.

Escrow Amount: The cost to do the repairs listed in the escrow information will be specified as the escrow amount.

The Good Neighbor Next Door Sales Program is an additional discount program designed to encourage revitalization of specified communities by providing law enforcement, firefighter, emergency medical technicians and teachers the opportunity to purchase homes in those specific areas. FAQs

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October 7, 2010 - Posted by | Buyer's Advisory, Mortgage Information | ,

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