A HUD home is a home that comes in HUD's (U.S. Department of Housing and Urban Development) possession as a result of defaults on FHA (HUD) insured mortgages. There are 5 types of buyers who can purchase HUD properties: Owner-Occupant, Investor, Good Neighbor Next Door (GNND), Nonprofit, and Government Agency.
AT BROKERS ® is a complete resource for the U.S. Department of Housing of Urban Development (HUD) properties for sale. Our firm leader sat on Broker Executive Board which served a HUD Asset Management Company to establish best practices, policies, and procedures for successful marketing and selling of HUD properties.
AT BROKERS ® has the experience and expertise for HUD’s purchasing process. We have successfully closed over 800 HUD homes as both a listing and buying brokerage. Please feel free to contact us; we can assist you by making your next home - a HUD home! Our education and experience will assist your transaction to ensure it is smooth and enjoyable.
You can shop anytime for available HUD homes at www.hudhomestore.com
Q: How do I find a HUD property?
A: Call us, email us, search our website, or look online at www.hudhomestore.com
Q: Can I use any agent to represent me?
A: No. You must use an agent which is pre-approved by HUD. If an agent is approved, HUD will issue them a HUD Name Address Identifier (NAID). An agent must have a NAID in order to place bids on HUD properties.
Q: How much is HUD willing to accept for a property?
A: No real estate agent knows the answer to exact answer to this question as HUD does not disclose this to us. However the Asset Management Companies do review their list prices often. As an experienced brokerage, it only takes us 5-10 minutes to submit an offer for you. We can also re-submit another offer immediately after they cancel (decline) a prior offer amount. Rather than wait around for a property to hit 30, 60, or 90 days on market to see if it's still there; why not submit a couple offers to see what you could get it for?
Q: I want to live in a HUD house, am I competing against investor offers?
A: It depends. If the property is in the Listing Period: Exclusive; the answer is NO. There are two factors which affect how long a property stays in the Exclusive Listing Period. 1) The number of days that have lapsed since the property's List Date and 2) The property’s FHA Financing category. If the FHA Financing is Insured or Insured with Escrow, owner occupants have an exclusive offer period for the first 15 calendar days. This means that during those 15 days, there is NO investor competition. However if there isn't an offer accepted on the 15th day, the property will open to all bidders on the 16th day. This will allow investors and owner occupants to dually compete. Likewise, if the property is Uninsured, there will be an exclusive offer period for only the first 5 calendar days.
Q: How long does it take to hear back on my offer?
A: Typically HUD responds to offers by the next day. However there are exceptions to this rule: 1) offers submitted on Fridays, Saturdays, Sundays, and/or federal holidays and 2) the initial offer period isn't expired yet for HUD to review offers. All offers submitted on Fridays, Saturdays, Sundays, and/or federal holidays will open simultaneously for review on the next business day (Monday; unless it's a federal holiday). There are initial offer periods for all properties once they are newly listed. For Insured or Insured with Escrow properties, the offer period is 10 days versus for Uninsured it's 5 days. For these initial offer periods, the bids will be treated as received simultaneously on the next business day; 11th day and 6th day respectively.
Q: My offer is accepted, now what?
A: Breathe deep and let our expertise guide you through the process! We will guide you through the electronic signatures, home inspection, utility activation, work closely with your lender, contract coordinate with the asset management and title companies, and finalize the closing process. Leave the details to us; buying a HUD home is just that easy!
We hold monthly training sessions for:
If interested, please contact us at firstname.lastname@example.org for our next training session!