What is a HUD home?
Who can buy HUD homes?
Who can sell HUD homes?
How do I register to sell HUD homes?
What is a NAID number?
What is a Listing Broker?
Do I need a realtor to place a bid for me?
How do I find a property to bid on?
How can I obtain financing for my property?
Do owner-occupants have a priority in bidding?
What are my financing options?
I am an investor. When can I bid on a HUD property?
Can a buyer elect to use his or her own closing agent?
Effective 09/30/2013 HUD has implemented “Buyer’s Select Program. All buyer’s whose contracts are executed on or after 9/30/2013 will have to choose their own escrow company at the buyer’s expense.
All buyers whose contracts are executed on or after March 8, 2013,will have to choose their own escrow company at the buyer’s expense.
The selling agent will be required to complete an addendum providing the name and contact information of the selected escrow company. This addendum must be submitted with the contract package at the time of bid acceptance.
If I don’t like the home that I chose, can I decline the acceptance?
What is the earnest money held for, and can I get it back?
When can I complete a home inspection on the property?
Can I make repairs to the property if needed prior to purchase?
Does HUD give money for repairs to the property?
How much money do I have to put down on a home?
What are the various listing periods and how do they pertain to the Owner Occupant Period?
There are three listing periods: the Lottery Period, the Exclusive Listing Period, and the Extended ListingPeriod. Certain properties are featured in the Lottery Period for the first 7 days on www.HUDHomestore.com. These properties are available for purchase by Good Neighbor Next Door participants, HUD-registered non-profit organizations, and government entities. When the Lottery Period ends, these properties enter the Exclusive Listing Period.
Properties in the Exclusive Listing Period are available for purchase by Owner Occupants, non-profit organizations, and government entities. The duration of this period will vary depending on the property’s FHA insurability.
If the property is being sold as Insured (IN) or Insured with Escrow (IE), the Exclusive Listing Period is 30 days. Bids received during the first 10 days are considered to be received simultaneously, and the initial bid review is on the 11th day of the Exclusive Listing Period. If there is no winning bid, bids continue to be reviewed on a daily basis (Monday through Saturday) until the 30-day period ends.
If the property is Uninsured (UI) or Uninsured 203(k) eligible (UK), the Exclusive Listing Period is five (5) days. Bids received during these five (5) days are considered as though they are received simultaneously, and are not opened until the 6th day of the Exclusive Listing Period.
How do I get access to show the property?
How can I cancel my Bid?
What is FHA financing?
How is the repair escrow amount determined?
How do I determine the mortgage amount when there is a repair escrow?
Will HUD pay for any closing costs?
Why do I have to get a Pre-Qualification Letter before I bid?
How long do I have to close? What if I need more time?
What is the Good Neighbor Next Door Program?
Law enforcement officers, pre-Kindergarten through 12th grade teachers and firefighters/emergency medical technicians can contribute to community revitalization while becoming homeowners through HUD’s Good Neighbor Next Door Sales Program. HUD offers a substantial incentive in the form of a discount of 50% from the list price of the home. In return you must commit to live in the property for 36 months as your sole residence.
How the Program Works
Eligible Single Family homes located in revitalization areas are listed exclusively for sales through the Good Neighbor Next Door Sales program. Properties are available for purchase through the program for seven days.
How to Participate in Good Neighbor Next Door
Check the listings for your state. Follow the instructions to submit your interest in purchasing a specific home. If more than one person submits on a single home a selection will be made by random lottery. You must meet the requirements for a law enforcement officer, teacher, firefighter or emergency medical technician and comply with HUD’s regulations for the program.
HUD requires that you sign a second mortgage and note for the discount amount. No interest or payments are required on this “silent second” provided that you fulfill the three-year occupancy requirement.
The number of properties available is limited and the list of available properties changes weekly.