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How Do I Bid on a HUD Home? 

Unlike a traditional real estate transaction, you will need to enlist the services of a HUD registered real estate broker to place your bid. For additional information and requirements please contact me at the above telephone number or by clicking Contact Us
 

Things to You Need To Know Before Making Your Bid
 
  • All HUD homes are offered exclusively to owner occupants for the first 30 days. This improves the owner occupant chances over an investor of receiving a winning bid on a property.
  • The HUD list price is based on an "As Is" appraisal.
  • Bids exceeding the "As Is" value / appraisal - with FHA financing will require the Purchaser to pay the overage amount at closing. This amount cannot be financed.
  • Winning bids are awarded by the Highest Net to HUD.
  • All HUD Homes are sold "As Is". A Property Condition Report is available for viewing on every home and it is highly recommended that you review the report before placing your bid.
  • Earnest Money is required to make a bid. HUD has established the following guidelines: If the sales price is less than $50,000 the earnest money deposit is $500.00. If the sales price is greater than $50,000 the earnest money deposit is $1000.00. All earnest money is 100% refunded if you do not receive the winning bid. 
  • Pre Approval for your home loan is REQUIRED prior to placing a bid. Get pre approved for a mortgage through a FHA Direct Lender BEFORE submitting an offer. Click the Financing Tab for a preferred FHA Direct Lender.

Insured, Insured with Escrow, and Uninsured

Three terms can help you determine the condition of a HUD home. These terms have nothing to do with insurance, but rather the home's eligibility for FHA financing.
 
Insured: Homes are eligible for FHA 203(b) financing. No repairs required.
 
Insured with Escrow: Homes have less than $5,000 in required repairs. The required repairs will bring the home up to the minimum FHA 203(b) standards. The escrow repair amount will be added to your loan and the escrow amount will be placed in an escrow account to pay for the required repairs when completed.
 
Uninsured: Homes have more than $5,000 in required repairs. This type of property will require a FHA 203(k) loan. The FHA 203 (k) is also known as the rehabilitation loan. It will allow a purchaser to borrow up to an additional $35,000 for required repairs and additional improvements. 
RE/MAX Unlimited
5205 Stilesboro Road
Kennesaw, Georgia 30152
Office: 770-419-1986
Fax: 770-218-0018
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