How To Buy A HUD Home
l You must use a HUD registered real estate broker.
l You must be pre-approved for a mortgage.
l Owner-occupied bidders receive the first priority.
l HUD offers three types of properties: FHA insurable homes, FHA insurable homes with a repair escrow and homes hat are not insurable with an FHA loan.
l You do not have to finance a HUD home with an FHA loan.
l HUD homes are sold “as-is.”
l Before making a bid, you must provide your HUD registered real estate broker with the appropriate earnest money in the form of a cashier’s check or money order.
l Your earnest money check should be made payable to the escrow account of your HUD registered real estate broker.
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