What is involved in buying a HUD home?
Written By: admin on December 9, 2009
One Comment
Does anyone know anything about purchasing a house through HUD or does anyone have any personal experience with this process, the requirements regarding credit down payment and so on and so forth? Thank you so much for the information.
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Every HUD house I had bought started with an offer through an approved Realtor. They like all cash and no contingency. We do our own inspection and figure that the plumbing will have some leaks and there will be some unexpected expenses.
They need to have a deposit with the offer and proof you have financing or the cash to buy. Some closings were quick, some went on for a couple of months.
Get yourself a lawyer to check the title, and obtain title insurance.