Working with hud homes

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There are three major statesments of "Insurability," HUD's word to describe general propery condition and its ability to finance. IN (Insured) means the property qualifies for an FHA loan. IE (Insured w/ Escrow) means the property qualifies for an FHA loan with a few key repairs under $10,000. UI (Uninsured) means the property does not qualify for FHA financing due to condition.

You need to have your financing plan in order prior to making your offer. Together with the offer you will submit your preapproval or proof of funds dated within 30 days, at or above your offer price, and the name must match the offer exactly. Use a proven, expereinced, local loan officer. HUD will not accept offer contingent on another property closing. Cash offers must show proof of funds in the form of a bank or brokerage statement, non-contingent equity line of credit.

Become familiar with the details of the property by visiting HudHomeStore.Gov. Here you can find Property Info, amenities, maps,  Lead Based Paint, a property condition report, and environmental information. Pleaase call your real estate agent to schedule a viewing. If you are not working with an agent you may call White Star Realty at 503-581-6042. For additional great information of HUDHomes, please visit Oregon's exclusive premier asset management company  https://portal.pemco-limited.com/

Your real estate agent will submit your offer directly to HUD at Hudhomestore.gov. You will need to submit a copy of your preapproval letter or proof of funds, and earnest money deposit in the form of a Cashiers Check. Remember all HUD Homes are sold As Is / Where Is. HUD will not be performing repairs and repairs prior to closing are prohibited.  Investors are prohibited until Day 31. Offers will be selected beginning on Day 11 and daily thereafter.

You are encouraged to obtain homes inspections for informational purposes. If you are not satisfied with the property condition, you may terminate the contrat and receive your earnest money back in accordance with the contract. It is essential that you executed a Utility Activation Form which will authorize the you to activate utilities at your own expense. You must de-activate the utilities when done with your inspections.

Due to the many moving parts in the sale of a HUD home, do not schedule any moving vans or appliance deliveries until the property is closed and you own it. You are encouraged to do a walk through on the day of closing. HUD will not dewinterize the property prior to closing. Congratulations, you probably made a great deal!