If you are looking for a non-traditional way to buy a cheap home, then you might consider the option to pick up a HUD home. This method can be a great path in certain situations, and a qualified Atlanta real estate agent can help you evaluate your individual needs to determine if a HUD home is right for you. In this article we discuss HUD Homes: What are They, and How to Buy One.
What is a HUD Home?
Even though the name might seem to indicate something special about the home, a HUD property is a regular home that fell into foreclosure. If a home was purchased with an FHA loan and then the owner defaulted on payments, then there a few things that need to be considered if you are thinking about purchasing the home. The property itself isn’t much different than any other property, but the purchase process will be a little different. HUD homes are sold through an online auction that is referred to as an “offer period.” During this period, you make an offer on the property, then all of the offers are opened once the period ends. The person with the highest bid will win the property. Sometimes, a HUD home doesn’t have an initial offer period, which means that you have the option to submit a bid at any time.
Getting a Good Deal with HUD Homes
One reason that you might look at HUD homes is because you can get a great price if you find the right deal. When a home receives no bids, then the price is lowered… and the price of that HUD home continues to decrease until an offer is made. It is important that you are working closely with a buyer’s real estate agent in Atlanta if you are interested in buying a HUD home, because your agent will be contacted if the bid is accepted. Your real estate agent will be involved in the process every step of the way, to make sure that you are getting a good deal and a high quality home.
Can You Find the Right HUD Home?
If you aren’t in a rush to move, then you should consider the benefits of waiting for the right HUD home to come along. There are a number of HUD homes available at any given time, making it possible for you to own a home and make your dreams become a reality. Choose an area and a few home requirements that you are looking for, and then talk with an experienced real estate agent to find the right HUD homes that fit your requirements. Are you interested in learning more about the benefits of purchasing a HUD home? Contact Duffy Realty of Atlanta today! We have experience with all types of real estate transactions, and we will gladly help you find the perfect home for your individual situation. Call our office for more information: (678) 318-1700
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