How to Purchase a FLorida HUD Home?
How to Purchase a FLorida HUD Home?
Anyone can purchase a Florida HUD Home as long as you have the cash to purchase the home or you can qualify for an FHA loan. FHA/HUD Homes are sold through a bid process and you will need a Florida FHA/HUD-approved real estate agent to assist you with that bid process. HUD will even pay that real estate agent’s fee.
Florida HUD Homes are sold ”’as-is,”’ without warranty. That means that HUD will not pay to correct any problems. But even if a HUD Home needs fixing up – and not all of them do – it can be a real bargain! For example, HUD’s asking price on the home will reflect the fact that the buyer will have to invest money to make improvements. HUD might offer special incentives such as an allowance to upgrade the property, a moving expense allowance, or a bonus for closing the sale early. And keep in mind that on most sales, the Florida HUD home buyer can request HUD to pay all or a portion of the financing and closing costs. Your real estate agent will have details.
We encourage Florida buyers to get the home professionally inspected before you make an offer so you will know what repairs you may have to make BEFORE you submit your bid.
Start your HUD Home buying process by finding a participating real estate agent. Your Florida real estate agent must submit your bid for you. Normally, HUD Homes are sold in an ”’Offer Period.”’ At the end of the Offer Period, all offers are opened and, basically, the highest reasonable bid is accepted. If the home isn’t sold in the initial Offer Period, you can submit a bid until the home is sold. Bids can be submitted any day of the week, including weekends and holidays. They will be opened the next business day. If your bid is acceptable to FHA/HUD, your Florida real estate agent will be notified, usually within 48 hours. You’ll be given a settlement date, normally within 30-60 days, by which you need to arrange financing and close the sale.
