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HUD Homes

HUD Homes

There is no doubt about it.  There can be some really great deals on HUD homes.  But, did you know you MUST have a HUD registered realtor to be able to bid on one?  This may be one of your first questions when talking to a realtor.  By the way, I am HUD registered, and am happy to help you.

One of the first VERY IMPORTANT things I like to tell my potential HUD home buyers is this…DON’T BE MISLEAD BY THE LIST PRICE.  If you want to WIN the bid, there is a very good chance that you will need to bid higher than the list price.  I just want you to understand this, and set things straight.  There are many reasons for this.  First, if you use the 3% closing costs that are allowed, this amount is subtracted from the offer price.  In addition, your realtor’s commission, also usually 3% is subtracted from the bid.  So, if the list price is $100,000, and you were to subtract $3,000 for closing costs, and $3000 for the commission, the actual net amount that HUD would receive is $94,000, $6000 less than what they are listing it for.  So, to offer HUD the list price, you would actually have to offer $106,000. I want you to be sure you understand this. If not, please call.  I am happy to answer your questions!

In addition, since these HUD homes are usually priced below market, there is often much competitiveness in the bidding process.  Therefore…if somebody REALLY wants this home, they are very likely going to bid higher than the list price so they can win the bid.  In most cases, any  amount over the list price must be paid for in cash.  So, if you are somebody who wants to win this bid, you must understand in this above example, that you would have to come up with $6,000 cash, just to meet the list price.  If you wish to beat out other bids, you would likely want to go somewhat above this.

GOOD NEWS, HOWEVER!!!!! There are programs out there that MANY potential buyers can qualify for, if you have a very good lender with the experience to handle these situations (and they are somewhat rare), he/she can often greatly minimize the upfront cash.  These programs are NOT for folks with poor credit scores. (Call me, to find out more about credit scores.)  I work with a great lender who would love to get you approved for one of these programs. Please allow me to help you with your HUD, or other home purchase.  Call me at (512)560-918, or email me at  Thank you for your interest.

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(513) 555-7856