Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Donna asks…

Can HUD homes be purchased with a VA Loan?

Been approved for a VA Loan and interested in options.

Your Questions About Foreclosures

The Expert answers:

As long as there aren’t repairs required by the appraiser. HUD normally will not do repairs & VA normally will not let you close with repairs being required.

Your Questions About Foreclosures

Joseph asks…

Are realtor commissions negotiable on HUD homes?

With HUD homes, it seems that the realtor commission is deducted from the buyers bid and not counted in the net price received by HUD.

The HUD forms say that the realtor commission can be up to 5%. Is this negotiable? Can a buyer find / ask a realtor to take a smaller commission?

Similarly, is it possible to ask a realtor to split the highest commission with the buyer?

Your Questions About Foreclosures

The Expert answers:

Negotiable? Yes. Split? No.

You are correct in reading the HUD website. The negotiation of how much someone working for you is to be paid should be done PRIOR to them working for you. If you want to go looking for a Realtor who will do this for you, that’s fine. There are offices that do reduced commissions. I recommend that instead of simply looking around for the cheapest agent you can find, find the best agent you can find. A good agent will save you more than 2 or 3 percent of value. You want an agent who will work with you, through as many houses as is needed.

If your agent has already found you a house – has done the work for the paycheck – now is not the time to bring up cut-rate commissions.

On splitting, a broker may give a rebate to a principal. To do this though, all parties involved in the transaction must be made aware, and sign off – HUD wouldn’t do that. They would just suggest putting in a lower commission from the start. The rebate issue is touchy though and may be on it’s way out. It could be construed as an inducement to buy, and some agents no doubt have used it as such.

Your Questions About Foreclosures

Robert asks…

HUD HOMES? are they really worth it? My family and i are getting out of the army in a few months.?

And we want to buy a house. the hud homes sound like a great deal and we have always wanted to buy a house with character to make our own. The idea of renovating a home and making it ours is really appealing to us. Im afraid were going to get in over our head though. how much money does it really take to update a house? Any advise would help a lot.

Your Questions About Foreclosures

The Expert answers:

My husband & I purchased a HUD home just last month. Its in a good neighborhood, and alltough it will need a new roof in the next few years it is a solid good house with a lot of space. No foundation problems or water damage.
We walked into it with $20,000 in equity!! If neither one of you are handy or have no skills in home inprovement I don’t recomend it. My husaband, my father & myself are all VERY handy people and that will save us thousands of dollars. If you have to pay someone to re-do your bathroom or if you need to hire someone to put up new light fixtures – do not do it!!! Unless you have a great deal of money you will drain yourself financially in a huge way!
You buy the house ‘as is’ and even with an inspection there will no doubt be some hidden problem. The first time I did a load of larundy in this house we had water backing up in the basement in a big way!!! We had to call Rooter Ruter and they fixed it for nearly $600.00. We were not prepared for that so it set us back some, this is outside the scope of being a ‘handy’ person.
I love the potential of this house though!
Good luck & happy house hunting!

Your Questions About Foreclosures

Mark asks…

Can you search through HUD/ foreclosed homes by the acreage you want? What website can I use?

I need a website that lets me look at HUD or foreclosed with acreage please!

Your Questions About Foreclosures

The Expert answers:

All HUD homes are listed on MLS. Try realtor.com which has all the MLS homes. You have some parameters to search.

Or ask a friendly local realty agent to put you on her “contacts” list. You will get the repo’s with large lots as soon as they arrive at her computer. Take her out for a nice lunch.

Your Questions About Foreclosures

Michael asks…

Does anybody know when HUD homes in Ohio may be available again, or any information on Ohio HUD status?

I am also wondering if all homes will be available or if they are going to slowly integrate all homes. I was very interested in a HUD home just before they switched firms and now I have no clue when the house I want may be available again.

Your Questions About Foreclosures

The Expert answers:

This firm apparently handles the homes in Ohio. This link was from the Ohio HUD website.

Http://www.mcbreo.com/st_ohmain.htm

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Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures

Your Questions About Foreclosures

Your Questions About Foreclosures