From a buyer’s perspective, HUD homes are a great way to go if you need to find a home quickly. I can show a buyer a home, write an offer by 10 PM, and have a response the following day. No multiple counter offers, no “highest-and-best” requests, no waiting a week to learn if your offer was chosen.

Many agents find selling HUD homes too difficult. It isn’t difficult at all. I’ve sold HUD homes to several buyers who’d worked with another agent who talked them out of looking at HUD homes. This is a disservice to the buyer and I love it when these buyers call me! Agents who haven’t taken the time to learn how to show and sell HUD homes will often tell buyers “you don’t want to look at HUD homes” when they should be saying “I don’t care to learn anything new”. And therein lies the second reason you should be looking at HUD homes – with fewer agents showing these, there is less competition among buyers.

Every HUD home is listed with a “property condition report” which details any problems the HUD inspection has uncovered. This should not substitute for your own home inspection, but it can be very helpful to know what to look for when you view the home. HUD homes also include an appraisal amount.

So how does one find the best deals? I’ll let you in on a little secret: look at homes in “extended” status. These homes did not sell during the initial bid phase (open to owner-occupants only), and you are much more likely to get an offer accepted for less than list price. It’s best to call and let me help you, but you can do your own research on HUD Homestore if you prefer. When searching properties, select “Investor” as the Buyer Type. This will direct you to houses in “extended” bidding stage.

Many HUD homes are eligible for a 203k rehab loan. There are two types of FHA rehab loans, and I’ll cover this in a future post. For now just know that you have no reason to fear fixer-uppers. In fact, you can have the home you really want with a rehab loan.

If you have any questions, please submit them to my assistant at tracy@NeighborhoodRealtyVegas.com or post it on Neighborhood Realty’s facebook page.  I’ll be sure to respond as soon as I get a chance!

Neighborhood Realty