HUD is the largest owner of single family homes in the US and is trying to sell them as quickly as possibly.
The Government is the listing agent's client, you are just another buyer, and they can always sell the property to someone else.
Its HUD’s way or the highway.
You purchase the property as is, with no repairs and no guaranties. However, Countrywide does offer, if disclosed by HUD, 203k loans, which roll in repairs into the loan.
There is a minimum price HUD will consider on all properties (typically, 92% of offer price)
You must have a Real Estate Agent place a HUD bid. The agent must have a HUD NAID number that is currently registered and active.
You must close within the allotted time frame. If not you risk having to pay extra extension fees
The biggest mistakes buyers make is not using a good lender that has experience closing HUD property loans or they don't meet HUD requirements.
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