What do you know about HUD homes?
We saw something about them in the paper..what's the deal?
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What do you know about HUD homes?
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Re: What do you know about HUD homes?
Housing and Urban Development...
the people that once had mortgages on a house...can no longer pay it...so you pick up the remainder on their mortgage..
sound good? well you have to bid without seeing the inside of the house...so if you are not handy...not a good idea...people who are losing their house do bad things to it...ie pouring cement down the toilet...
now this might not be every HUD house...but you take chances...I would only recommend it if you know a contracter...or can do it yourself
the people that once had mortgages on a house...can no longer pay it...so you pick up the remainder on their mortgage..
sound good? well you have to bid without seeing the inside of the house...so if you are not handy...not a good idea...people who are losing their house do bad things to it...ie pouring cement down the toilet...
now this might not be every HUD house...but you take chances...I would only recommend it if you know a contracter...or can do it yourself
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Re: What do you know about HUD homes?
HUD can also control what neighborhoods you can mortgage in and the amount. For example.....they might be willing to go for a bigger loan amount in a neighborhood they are trying to revitalize like say roosevelt or hempstead. If you wanted to go into a different area they will give you less money and a hard time. They also promote homes on main thruways.
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Re: What do you know about HUD homes?
At one point during our house search, we were seriously considering an REO (real estate owned home...owners foreclosed, lender bought property and put it on the market). HUD is similar in that the property has been foreclosed. The difference is that a HUD home was HUD insured, and HUD pays the lender, takes ownership and then sells.
In our case, the cost of just making the home habitable ended up far exceeding what we'd save by going this route...and that's with a family of contractors, electricians, framers and plumbers.
Here's HUD's website-lots of information
HUD website
With home prices on LI as outrageous as they are...it's worth it to check out every option out there. The numbers just didn't work out for us, but they may for you!
Good luck!!
In our case, the cost of just making the home habitable ended up far exceeding what we'd save by going this route...and that's with a family of contractors, electricians, framers and plumbers.
Here's HUD's website-lots of information
HUD website
With home prices on LI as outrageous as they are...it's worth it to check out every option out there. The numbers just didn't work out for us, but they may for you!
Good luck!!
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Re: What do you know about HUD homes?
Cement down the toilet??? AGHHH I thought for sure you could see inside the house...guess not.
We also have a family of contractors..FH tile, FBIL electric..Dad carepenter and concrete..
I'm going to look into this more.
Thanks for the help guys..
We also have a family of contractors..FH tile, FBIL electric..Dad carepenter and concrete..
I'm going to look into this more.
Thanks for the help guys..
