HUD stands for the office of Housing and Urban Development.
HUD sells homes that have been foreclosed. arehttp://www.hudhomestore.com/HudHome/Index.aspx
When you buy one of these homes it is with the understanding the property is sold as is. HUD does not negotiate work orders on properties. There are ways to finance a home using a variety of means to get a loan to close around a work order issue.
It’s best to work with a HUD Specialist in your area who knows what to do, and how to get the financing in place.
Many think HUD Homes are a good “deal” because the price is lower than Fair Market Value. I haven’t found that to be the case. HUD Homes in many cases need work. You are also competing against “investors” or more accurately want to be investors. The days of buying, fixing, and selling HUD Homes for a profit are behind us.
If you are looking at HUD Homes you should look for a conventional lender who has some experience with the HUD process. You should also have a cash reserve for things that need to be done. Last, but not least you need to be aggressive, and be prepared to walk away.
Once you decide on this path you should stick with it. Something always comes up, be patient.
About David Losh
In 1984 I got my Real Estate license and worked in a small company called Advance Properties. The owner was extremely interested in Real Estate, building, and land development. Most of his work was concentrated North of Seattle. Since the 1970s I had worked for Real Estate agents in Seattle as a contractor, mostly preparing properties for rent, and sale.
After a few years my skill level increased considerably concerning land use, building code, and development practices. Escrow, and lending offices were housed at the Advance Properties building so it was easy to get involved in all aspects of Real Estate. It was very much a family owned, and operated business.
Over the years my Real Estate license has been at a variety of Real Estate companies, and offices. Nothing compares to those early years, or that sense of family. Real Estate has gotten to be corporate owned.
My hope with this blog is to share with you some of the things I've learned. If you have Real Estate needs, or want contractor help, I refer freely to what best suits you. If you should choose to work with me you'll find a great resource.
My Real Estate license is at Skyline Properties in Northgate. Skyline is a locally owned company that is a desk fee office. There is a wide variety of diverse agents. It helps me with some of the other projects that I have, and mentoring that I do, to be able to work with people from other cultures.
Here in Seattle we are close to Vancouver BC and are the gateway to China. Boeing has a great trade relationship with China, as does Microsoft have with all of Asia. We are a culturally diverse community, and it helps me to be invlolved.
