HUD homes are government owned and they will pay up to 3% of the purchase price towards your closing costs. Equal Opportunity Housing
Showings for government homes are scheduled through HUD registered agents. The bid periods end daily and bids are answered by 9:30am the next day.
If the HUD managers accept your bid, you must submit their purchase and sale agreement, a cashiers check made out to HUD for $1,000, and include your mortgage pre-approval certificate and/or proof of funds letter from your bank manager.
Upon return of the contract signed by HUD’s asset manager usually within a few days, the contract effective date is the date the HUD asset manager signs the contract. The buyer will have fifteen days from the effective date to have a professional home inspection performed and any other inspections.
HUD’s purchase and sale agreement states the closing must take place 45 days after acceptance of an offer. In the event the closing is held up, an extension can be requested.
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