A few months ago, I wrote an article about buying HUD homes in Ohio. I wanted to remind everyone again about the benefits of buying a HUD home because their incentives are expiring soon.
Right now in Ohio, HUD homes are one of the best reasons to buy a home and one of the best ways to snag a real deal. HUD homes are in almost every suburb in Northeast Ohio from Parma, Olmsted Falls, and Strongsville to Garfield Heights to Euclid. Cleveland has many HUD homes for sale and now is the time to buy! Let me tell you why...
HUD right now through the end of September is offering home buyers $2,500 at closing for owner occupants. That's right, a house warming present larger than any you'll receive from your family. $2,500 will go toward your closing costs, lower mortgage amount or lender-approved repairs.
If you buy a HUD home, you'll also be able to put as little as $100 down on the home going through FHA, which is almost unheard of anymore. With tighter belt notching through out the mortgage industry, this may be the very best bet when buying a home and saving money during the process. Affordable housing and affordable home buying with a gift, what could be better than that?
Here's what you need to do:
It's crucial and to your benefit to work with a BUYER AGENT when looking at or purchasing a HUD home. If you're inquiring about a property, don't do it by yourself! HUD homes aren't sold like regular properties. There's little customer service or advocacy on the buyer end. You need your own agent to make sure the paperwork (which is extensive) and all the proper channels are in place. If you don't do it right, it could be a huge mess.
Remember that HUD is a government agency and there's lots of red tape and paperwork. They don't like mistakes or things done late. You must go by their time line and do everything they say in order to complete the transaction and you must do it quickly. Again, before looking online or driving around and calling HUD directly to inquire about properties, connect with a buyer agent first. Let us do this for you or you could end up alone in the process. Okay, I think you know how important that part is now. On to the other stuff you'll need to do...
Have a $1,000 ready to go in the form of a money order or check from your bank. It can't be a personal check. HUD requires $1,000 earnest money (a good faith deposit) in order to secure the purchase. Don't fill it out. Leave it blank and have it handy. Offers need to be made quickly and in order to make an offer you must have this earnest money. The money will go toward your costs and you only lose it if you back out of the deal on your own. It's just like a security deposit when renting but the money remains yours.
Be prepared to move on a home if it's right for you. Unfortunately, HUD homes aren't something you can generally sleep on or consider for days. If you like something, chances are so does someone else. If it's priced right, which many HUD homes are, they tend to go quickly. Make sure you're serious and ready to pursue a home when starting to look at HUD homes.
HUD requires you be pre-approved for a home loan before making an offer and your agent must present this pre-approval letter with any offer. Make sure you talk with a good lender in Ohio who specializes in Ohio FHA loans so you're ready to go.
HUD doesn't make repairs and they don't typically negotiate them. It's a "What you see is what you get" scenario. I usually recommend when scheduling appointments to see the inside of HUD homes, you bring someone along with you who can kick in the walls a bit and give you an idea of any repairs or work needed.
Your time line is set by them but theirs isn't usually set by anyone. While most transactions with HUD are smooth, there are times when closing will be delayed for whatever reason or they are slower on their end. It's just how it is. Don't plan to move on the day we estimate for closing. Understand that the property may or may not close on time.
Here's the link to HUD properties in Ohio. The statuses on these homes change daily and they also post new properties each day. When you're looking at HUD properties on this site, make sure you ask us any questions you may have about them or let us know if you want to see any on the inside. Again, remember having your own buyer agent when buying a HUD home is necessary and free. Keep our number and website available to inquire about properties at any time. YouShouldOwn.com or 440-781-8737. Bookmark or favorite this site for future reference.
Now is the time to own a HUD home in Ohio. HUD homes are usually a great deal not to mention this is a great opportunity to own for almost nothing down and get a bonus from HUD to help with your closing costs. We're ready to help you cash in on these deals. Contact us anytime.
Right now in Ohio, HUD homes are one of the best reasons to buy a home and one of the best ways to snag a real deal. HUD homes are in almost every suburb in Northeast Ohio from Parma, Olmsted Falls, and Strongsville to Garfield Heights to Euclid. Cleveland has many HUD homes for sale and now is the time to buy! Let me tell you why...
HUD right now through the end of September is offering home buyers $2,500 at closing for owner occupants. That's right, a house warming present larger than any you'll receive from your family. $2,500 will go toward your closing costs, lower mortgage amount or lender-approved repairs.
If you buy a HUD home, you'll also be able to put as little as $100 down on the home going through FHA, which is almost unheard of anymore. With tighter belt notching through out the mortgage industry, this may be the very best bet when buying a home and saving money during the process. Affordable housing and affordable home buying with a gift, what could be better than that?
Here's what you need to do:
It's crucial and to your benefit to work with a BUYER AGENT when looking at or purchasing a HUD home. If you're inquiring about a property, don't do it by yourself! HUD homes aren't sold like regular properties. There's little customer service or advocacy on the buyer end. You need your own agent to make sure the paperwork (which is extensive) and all the proper channels are in place. If you don't do it right, it could be a huge mess.
Remember that HUD is a government agency and there's lots of red tape and paperwork. They don't like mistakes or things done late. You must go by their time line and do everything they say in order to complete the transaction and you must do it quickly. Again, before looking online or driving around and calling HUD directly to inquire about properties, connect with a buyer agent first. Let us do this for you or you could end up alone in the process. Okay, I think you know how important that part is now. On to the other stuff you'll need to do...
Have a $1,000 ready to go in the form of a money order or check from your bank. It can't be a personal check. HUD requires $1,000 earnest money (a good faith deposit) in order to secure the purchase. Don't fill it out. Leave it blank and have it handy. Offers need to be made quickly and in order to make an offer you must have this earnest money. The money will go toward your costs and you only lose it if you back out of the deal on your own. It's just like a security deposit when renting but the money remains yours.
Be prepared to move on a home if it's right for you. Unfortunately, HUD homes aren't something you can generally sleep on or consider for days. If you like something, chances are so does someone else. If it's priced right, which many HUD homes are, they tend to go quickly. Make sure you're serious and ready to pursue a home when starting to look at HUD homes.
HUD requires you be pre-approved for a home loan before making an offer and your agent must present this pre-approval letter with any offer. Make sure you talk with a good lender in Ohio who specializes in Ohio FHA loans so you're ready to go.
HUD doesn't make repairs and they don't typically negotiate them. It's a "What you see is what you get" scenario. I usually recommend when scheduling appointments to see the inside of HUD homes, you bring someone along with you who can kick in the walls a bit and give you an idea of any repairs or work needed.
Your time line is set by them but theirs isn't usually set by anyone. While most transactions with HUD are smooth, there are times when closing will be delayed for whatever reason or they are slower on their end. It's just how it is. Don't plan to move on the day we estimate for closing. Understand that the property may or may not close on time.
Here's the link to HUD properties in Ohio. The statuses on these homes change daily and they also post new properties each day. When you're looking at HUD properties on this site, make sure you ask us any questions you may have about them or let us know if you want to see any on the inside. Again, remember having your own buyer agent when buying a HUD home is necessary and free. Keep our number and website available to inquire about properties at any time. YouShouldOwn.com or 440-781-8737. Bookmark or favorite this site for future reference.
Now is the time to own a HUD home in Ohio. HUD homes are usually a great deal not to mention this is a great opportunity to own for almost nothing down and get a bonus from HUD to help with your closing costs. We're ready to help you cash in on these deals. Contact us anytime.
posted by Cleveland Real Estate at
12/09/2008
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