Working with foreclosure properties has gotten some bad reputation among owner-occupant buyers and their agents as well. It could be related to property condition or to fairly elaborate paperwork process. However, the times are changing and pretty drastically. Here are three reasons why: Continue reading…
FHA Programs – Buy A Foreclosed Home and Make It Home
One of the biggest barriers for any homebuyer looking at a foreclosed home and trying to visualize how to bring it to an enjoyable standard of living is the financing. The answer for many of the challenges found in these homes is the FHA 203(k) rehabilitation loan. Unlike a normal FHA or conventional loan where the lender will not proceed with a closing until the home meets certain standards, the FHA 203(k) provides a path for closing and then bringing the home to the suitable standards. Continue reading…
HUD Listing Periods Definition
HUD utilizes different listing periods for homes based on the qualification status of the home and the type of buyer that wishes to submit a bid. The following provides a guide for selling agents to understand and determine the listing periods for a HUD home.
Exclusive Listing Period (Owner Occupant Priority):
During the Exclusive Listing Period, bids may be submitted only by Owner Occupant purchasers, which HUD defines as owner-occupant purchasers, qualified nonprofit organizations and government entities.
HUD Properties
As we announced back in April, AG Prime Realty was named a Local Listing Broker for HUD homes in Southern Connecticut. We have been eagerly working to satisfy all the requirements of HUD contract in order to start placing these homes on the market. That time has begun and we have listed already 7 homes and 5 of them are already under contract.
Opposite to common perception, HUD homes are not involved in the foreclosure issues you may hear in the news. It is a complicated discussion but the easiest explanation is that unlike the GSE sellers of foreclosed properties, HUD has actually purchased and owns the properties we are selling. The deed transfer to HUD is done outside of the process that today is under so much scrutiny. From HUD.gov: Continue reading…