Metro Detroit, Foreclosed, Repossessed, HUD Homes, Bank Owned Homes
Foreclosed Homes - Bank Owned Property - HUD Houses - Detroit Foreclosures - Investment Properties - Residential Defaults
 FAQ - Questions Are Answered by the Broker

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 homes myself?
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 short sale?
A. A short sale is when your mortgage lender will take less money than you owe for your mortgage.

Q. 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 foreclosure process.

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!


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