Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Nancy asks…

Hud homes????????????????

Does anybody know anything about HUD HOMES. I’m interested in buying one, but I don’t know if you have to make under a certain amount of money/ yr. Any answers will be greatly appreciated! Thank you!!!

Your Questions About Foreclosures

The Expert answers:

I just backed out of a HUD home purchased because I found something different, but I went through all the steps. HUD homes are not sold to you based on your income. You want to also get in touch with your city hall or realtor to see if you can qualify for a grant program, like first time home buyer programs. You should figure out what you can comfortably afford to spend first. What you need to do first is subtract your income from your bills. Actually, your fixed bills, like credit cards, car note, insurances, food, utilities, etc. Basically, bills that are going to be there for another two or more years. You also need to know how much you can afford to put down on the home, the taxes and insurances as well.

Once you have figured out all of that, you need to shop for a lender. Know what your rights are as well. Some lenders are not here for your benefit, but rather theirs. Read all the paperwork ahead of time. And before signing with that company, make sure you understand all the fees. If I were you, I would shop around for lenders and see who can save you the most money and who’s truly in it for your benefit. Your lender will give you all the fair housing paperwork as well.

You lender will assist you in shopping for a loan. Compare all the costs and interest rates. Most of the time it is the interest rates on a home purchase that can keep you from affording it. If your lender comes back with an interest rate you feel is too high for you, attempt to negotiate with him/her for a lower rate. Try getting pre-approved for a loan from a bank that has a first time homebuyer program. (Well’s Fargo, Capital One, Whitney National Bank, Hibernia)

Once you start looking for your new home with your realtor, ensure you only look at homes you can comfortably afford. Know what you want in a home before hand. Make a wish list, then take it with you to each home you look at. Looking at houses can be emotional, but you have to detach yourself from the process and get a professional mindset. Please remember “Fixer-uppers” really need to be fixed properly, so get a price quote on how much repairs will cost before you make an offer.

The next step is maybe the scariest of all. Making a offer is much like, giving birth without knowing you were pregnant. You will not understand the emotions that will come along with it. If you make an offer on a home, make sure you can afford the earnest money without suffering, if it is required. And don’t be afraid to negotiate with the seller. IT IS A BUYERS MARKET!

What ever you do, if your offer is accepted, get an inspection done by a licensed person. Your offer on the home should be contingent on that home passing inspection. PLEASE remember that. The inspection will give you more negotiating power if there are repairs to be made.

Shop for homeowners insurance as well. I did my shopping before I put in an offer. Most companies will give you a quote if you know the bear facts about a home. You can get that information from your realtor. You can lower your home owners insurance by 20-30% if you tell them you will install an alarm before 30 days after closing if the home doesn’t already have one.

Most people tell you closing is very difficult, but it really isn’t. The hard part is signing all those papers. Make sure you read your settlement statement ahead of time. Make sure you bring a calculator with you. If you asked the sellers to pay a percentage of your closing cost, which is what I recommend, you want to make sure that percentage is what they are paying.

Hope this helps! Good luck!

Your Questions About Foreclosures

Helen asks…

I was walking home from the park when I noticed HUD homes?

What does it mean to be a HUD home? these homes looked like someone lived there before and probably forclosed on. Are they cheaper than regular homes? Are they good first time home buyer home? Are they easier to get if you have not so good credit? Thanks in advance.

Your Questions About Foreclosures

The Expert answers:

Michelle, it is a foreclosed home. FHA insured the loan originally, and now it is owned by HUD. Yes you can buy them, some are at pretty good prices. My best suggestion is to find a Realtor experienced with the purchase process and let them guide you through the transaction. Also make sure to write any offer contingent upon an inspection. If the folks that owned it couldn’t keep up the mortgage payments, there could be extreme deferred maintenance items that could be costly to repair.

Your Questions About Foreclosures

Sandy asks…

What is a HUD Home? I am looking at foreclosures and low cost homes..?

What is a HUD Home? When it comes to foreclosed homes and these wonderful prices I am searching for my first house to purchase. I just need to know the details. What is a HUD Home? I know to check for back taxes and any serious problems the home may have. Any advice? Thanks!

Your Questions About Foreclosures

The Expert answers:

HUD homes will have clean titles.

They buy homes in distressed (high crime, not foreclosure) neighborhoods , fix them up and sell them.

Check hud.gov to see if there are any near you.

You have to occupy them, HUD does not sell to investors, so I have never bought one but I have helped people with the paper work before.

Your Questions About Foreclosures

Michael asks…

How to search for HUD homes for free?

I live in Tx, and I’m looking to buy a HUD home in Tx. What is the best way online to search for these homes? Free of charge and no 7-day free trial thing… I already know of Southwest Alliance and Bidselect… Anything else?

Thanks a lot!

Your Questions About Foreclosures

The Expert answers:

That is where HUD lists the houses it has for sale. There is no place else. It’s not as though HUD lists various houses on various sites. It is on ONE site, and you found it.

Your Questions About Foreclosures

Sandra asks…

How long do HUD homes take to close?

I put a bid out on a HUD home and I was wondering how long it takes them to choose who gets the house? Also if I was chosen how long would it take from then to closing date?

Your Questions About Foreclosures

The Expert answers:

About 6 to 8 months, also i think it depends on your state.

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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