Tips
when buy hud repo homes Housing
and Urban Development (HUD) Homes
Most
HUD Homes are initially offered on a priority basis to owner
occupant purchasers (people who are buying the home as their
primary residence). Following the priority period, unsold
properties are then available to all buyers, including
investors. Select cities near where you live or that you are
interested in.
The HUD database will provide you with the address,
type of property, list price, as-is value, listing date,
deadline for submitting a bid and whether it is available to
owner-occupants only or all purchases (including investors).
You will also find important notes, such as structural
damage, flood zone, settlement, smoke damage, missing electric
meter and a host of other things. Finally, be sure to observe
the codes, such as LBP, which stands for lead-based-paint.
The notes and codes are required by disclosure laws and
should be looked into, but shouldn’t necessarily scare you
off. For instance, any house built before 1978 probably
contains lead paint.
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