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HUD Homes – See what is available in:

Franklin County           Delaware County 

Fairfield County

Madison County          Pickaway County 

Union County

FAIR HOUSING IS THE LAW

BUYING A HUD HOME – There are definitely PLENTY OF RULES in the process.  First, know that you MUST be represented by a licensed real estate agent.

When a listing has the big red NEW status or LOTTERY status, generally it is reserved for Nonprofits and Government Agencies only. If it does not sell during that period it usually goes to the status EXCLUSIVE, which means Owner Occupants, Nonprofits, and Government Agencies only. If it still does not sell, then it goes to ALL BIDDERS which is when the investors can come in on the bidding.

EARNEST  MONEY IS REQUIRED when buying a HUD home. If the selling price is under $50,000, you must deposit $500. If the selling price is $50,000 or more, you must deposit $1000.

YOU MUST MOVE QUICKLY if your bid is accepted. Within 48 hours you will have to get your hard copy, signed paperwork to the management company, which means paying for FedEx or UPS overnight mail.

Here is a great place to start learning all about the HUD home buying process.

The cheap house isn’t always a possibility.

Chuck Patterson Realtor Real Estate

 

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