How to buy a HUD home
1. You must have a Prequalification letter from an FHA Approved Lender
2. You must present your bid/Offer through a HUD Registered Real Estate Broker
3. Helpful Hint: when you make your Offer, add a 2 digit number to the end of the bid price. Example: $357,019 instead of $357,000.
4. You’ll need a Cashier’s check to present with your Offer; the HUD Real Estate Broker will advise of the amount.
5. You can request a renovation loan with your Offer: ask for the 203k Streamline
6. Have a GREAT Home Inspector lined up
7. Have a GREAT real estate Attorney lined up
8. Make your bid and GOOD LUCK!
Find HUD Homes at the HUD Homestore: http://www.hudhomestore.com/Home/Index.aspx
My friends at Yahoo! Finance’s “Destination Home” Series provide a great summary on buying HUD Homes:
How To Buy A Home for $15,000
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Hope that helps!