So Roswell, You Want to Buy a HUD home…

No, this property is a not a HUD home but for the longest time HUD foreclosures did have the reputation of looking like this.  HUD properties have become very popular for not only first and second time home buyers, but also with investors. HUD foreclosures come varying conditions.  I’ve seen some that are basically move-in ready and others that were barely habitable.  The overall consensus is that buyer’s can get a really good deal on a HUD property.  I am consistently asked about HUD homes, what they are and how does a buyer get one.  Here are a few general questions to hopefully shed some light:
What exactly is a HUD home?
HUD stands for the Department of Housing and Urban Development. HUD guarantees mortgages made using the FHA loan program. When a FHA borrower defaults, the home becomes a “HUD” home, which you can buy.
How do I get a list of HUD homes for sale?
Go to www.newbidselect.com.  This site is very user friendly and you can look up homes by city, county or zip code.  Best of all, this site is free and you don’t have to register to search from properties.  Keep in mind that HUD adds new properties to this list all the time, so you have to keep checking for new properties being added
Who can I buy a HUD home?
Anyone who has either been pre-approved for a mortgage or a cash purchaser. HUD homes are initially open to owner-occupant buyers only. If they do not sell during that initial period, then they are open to all purchasers, including investors. If you will be obtaining financing to purchase a HUD home, a copy of the lender’s pre-approval letter must accompany the offer package.
How do I bid on a HUD property?
You place an offer on a property through a HUD registered broker (fortunately, I am one).  The earnest money deposit must be held by the Broker in the form of certified funds in order to submit the bid.  Earnest money rarely exceeds $1,000.

Roswell’s Steal of the Month

Welcome to the Woodfield subdivision in Roswell!  I’ve branched out to the other side of GA 400 to let you know about a foreclosure that’s worth a look.  The Woodfield subdivision is off of Holcomb Bridge and Eves Road.  I have a special place in my heart for this subdivision, as it’s where I had my very first listing over 14 years ago.

Roswell’s Steal of the Month

Looking for a brick ranch on a huge lot in Roswell?  Here’s a great opportunity that just came available yesterday.  Lovely nearly ¾ acre level lot with lots of mature trees, this home built in 1968 is a definite keeper!  Great bones but be ready to remodel to make it your own.  The home is approximately 1,900 square feet, boasts 4 bedrooms and 2 full baths and a side entry 2-car garage.  The neighbors on either side keep their yards maintained and all the mature trees offer loads of privacy.  This home is located in the Roswell High School District and is within minutes of Historic Roswell.

Mortgage Loans that Help with Renovations

Home renovations can be a little daunting, but financing them doesn’t need to be.  Homebuyers considering a fixer-upper and homeowners thinking about doing major rehab work might want to consider an FHA 203K loan.

Often called rehab or renovation loans, 203K loans differ from traditional mortgage loans.  Buyers who want to purchase a home in need of repair usually have to secure a loan to buy the property, get additional financing to complete the renovation and then get a permanent mortgage to pay off the interim loans.  FHA 203K loans are made based on the ‘after-repair’ value and include an escrow account, in which the money is dispersed in draws as the necessary renovations are being completed.

A Roswell Fixer-Upper

In scanning listings for a client the other day, I came across a great deal in Park Bridge.  Park Bridge subdivision is in a great location backing up to Roswell Park on Woodstock Road.  This particular home is priced at $211,500.  It is a two story on a crawl space, 3 bedrooms and 2 ½ baths with approximately 2,100 square feet.  The previous owners had converted the garage to make a large bonus room, but could be easily converted back to its original state.  There is a storage shed on the property that could be used to store a lawn mower and tools.  The yard is completely fenced in and the house is located in a cul-de-sac at the back of the community.