HUD homes are a great option for buyers. Here’s why.
I know, I sound like a broken record talking about HUD homes. You’re probably sick of me talking about them, but listen. The reason I’m continuing to discuss these homes is because I want to get some of you off the fence by seeing the incredible value here.
Just this morning, a three bedroom, one bathroom home came on the market in Wallingford. It’s a 3-bedroom, one-bathroom, and a one-car garage home on a half-acre lot. This home is currently listed for sale at $149,000. It’s available to owner-occupants first, meaning that if you plan on living in the property, you get the first shot at it.
Here’s the other great news about this HUD home in particular. It’s marked as insurable. That means is that HUD will sell this property to someone who is going for an FHA mortgage and insure it for only a 3.5% down payment.
If you’re a first-time buyer, you would have to be crazy not to consider jumping on these homes. Yes, they might need a paint job or new flooring, but the bones are all there. If an HUD home is marked as insurable, that means the electric, plumbing, and furnace all work, so you don’t have to worry about replacing them, unless you find something different at your inspection.
Another great thing about HUD homes is that you can inspect them. A lot of people think they can’t, but they’re wrong. It’s true that you do have to buy these properties as-is, but an inspection can be a very useful tool in deciding whether you’re making the right decision. If you have an inspection done and find something wrong with the home you didn’t know about before, you have two options. You can either make the decision to go through with the purchase or you can back out of the deal, get your deposit back, and go buy something else.
I’m oversimplifying the process, but the truth is that it is simple for me because I’ve sold and purchased so many of them. I’ve sold and bid on hundreds of HUD homes. If you have any questions about them whatsoever or would like more details about what the process is like, don’t hesitate to give me a call or send me an email. We look forward to hearing from you!