Hello, my name is Chris Johnson, and I am a real estate agent with Real Estate Marketing Agency. Welcome to my Salt Lake City real estate blog. In today’s post I would like to provide some vital specifics in order to help Salt Lake City residents learn more about buying Department of Housing and Urban Development homes (HUD).
The process of buying a HUD home is quite different than a conventional purchase. The first thing that you should know is that HUD homes are sold as is. Because they are foreclosure properties, their condition can be pretty horrible, though some have minimal issues. It is recommended that you get an inspector before buying a HUD home so that you know what kind of problems you will have to deal with.
You will need a real estate agent who is registered with HUD to represent you when buying a HUD home in Anytown. Your agent will be responsible for monitoring the bidding process, submitting your bids, overseeing the required paperwork, and communicating with the various entities involved. If your bid is accepted, your agent will be contacted with the specifics.
If you would prefer to avoid a bidding war and are in no hurry to purchase, you could wait for a HUD home where no one has made a bid in the required time period. These homes will drop in price until someone makes an offer that is accepted. This is where many bargain-basement Anytown properties can be found, though many require extensive work. Some Anytown investors use this tactic for finding homes to purchase, fix-up, and sell quickly (flip). These investors employ contractors who bring in a team to quickly make the home ready to re-sell and this is only viable if there is enough margin to pay the construction company and realize a profit.
If you are looking for Salt Lake City investment properties, let me help you find a great deal. Call me today at 801.938.3466 so we can discuss HUD homes, foreclosure properties, and short sales.
Real Estate Marketing Agency
Chris Johnson, real estate content marketing