I have been helping people buy homes for almost 12 years. In that time I have never sold a HUD home until now. Here is what we did.
My buyer’s price point was 130k he wanted 3 beds 2 baths and of course a great neighborhood. We toured about 15 homes until we found one they loved. It was over budget but we figured we would try. Offer 1 REJECTED. We located a 2nd option this was a large 2 bedroom with a garage in a great community called Kempsville lakes.
We placed the HUD bid 10k below asking price and requested for 3% cca for them. The offer process was very simple and was done on line. It took about 10 min to complete the questions. 48 hours later we were told ACCEPTED !!! My buyer was thrilled. I met with them signed all the bank forms and over night the package to HUD. We contacted the downpayment assistance program to let them know we had an offer. I was told because this was an AS IS home they would not let the buyer use the program. We reluctantly released the accepted bid on the HUD home as started looking again.
My buyer was frustrated with restraints the downpayment program required and started to think about ways he would be able to pull the money to cover the downpayment. Luckily he had a 401k and opted to pull the funds from there. We wanted to get the original HUD home again but I was concerned it would have already ben sold to another buyer. We reviewed the Hometelos site and so far it looked like no other bid had been accepted. We resubmitted the same terms and to our surprise it was ACCEPTED again !!! We signed all original docs got a certified check and overnighted the documents to HUD again.
Next was a home inspection. The home has some issues it appears to have some low areas in the back of the house that was causing moisture issues, we have a few slow faucets and showers ( although the fixtures are new) and other minor issues. My client was still thrilled and decided these are things that could be fixed by him.
We accepted the home in its as is condition and we are now set to close this Monday.
Would you like to talk with us about buying a HUD home ?