Q. Do I have to
have cash to buy a HUD home or can I finance it?
A. No, you don't. you can finance through the mortgage
company of your choice using either FHA, VA, or Conventional lending. HUD
does not take land contracts.
Q. How much money do
I have to put down on a HUD or Repossessed home?
A. That would depend on the requirements of
the seller, the listing office, or the lending institution you use. You
need to find that out before bidding on a HUD home.
Q. Can I bid on the
A. No. HUD requires that all bids must be
submitted thru an authorized HUD broker. We are an authorized, licensed
HUD electronic bidding office.
Q. What is a
A. A short sale is when your mortgage
lender will take less money than you owe for your mortgage.
What is a "deed in lieu of foreclosure?"
A. This is when you offer to give up
all rights to the property to your lender rather than go thru the
Q. What about
repairs required by the city?
A. You should obtain the
inspection report and review it prior to your offer. Normally the City
will require you to repair (at your own expense) all defects listed on
their City Property Inspection Report before you occupy the premises and
require you to have the repairs inspected and approved prior to issuing
you a Certificate of Occupancy.
Do you have a
question for the Broker? If so you may submit
your question here!