Delores Williams focuses on properties in the South Metro Georgia area, but can also assist you with buying a home in any Atlanta metropolitan area or any other location in the entire state of Georgia.
Contact:
Delores Williams
Phone: 770-433-0056
Fax: 770-431-4644
Email: dwilliamsrealtor@yahoo.com
Our Brokers and agents know Atlanta, the neighborhoods, the homes available, and the system. We look forward to meeting you and assisting you with realizing your personal dream of home ownership.
2. What is a HUD owned home?
When someone with a HUD insured mortgage can't meet the payments, the lender forecloses on the home; HUD pays the lender what is owed; and HUD takes ownership of the home.
They then place the home on the market at its appraised “AS IS” value and sell it as quickly as possible.
They are vacant, some are in “move in” condition, and some need “fixing up”.
Keep in mind, HUD owned homes are oftentimes beautiful homes in well-established neighborhoods; however most residential real estate agents are unaware of them and have no knowledge about a HUD owned home transaction and lack the proper HUD required credentials.
U.S. Home Buyers Assistance Corp. specializes only in HUD owned homes and is properly registered with the state and federal agencies, authorizing them to broker hundreds of HUD owned home sales.
3. Who can buy a HUD owned home?
Anyone!
If you have some cash or can qualify for a mortgage, you can buy a HUD owned home. Because FHA loans are easier to qualify for than conventional loans, they are often times the hottest deals around.
In addition to being priced to sell, these homes offer a significantly lower move-in cost than traditional resales, and there is no need to haggle with sellers.
Prospective buyers must pre-qualify for a mortgage and must:
(a) have job stability and an adequate income for the mortgage payment desired,
(b) have satisfactory credit (doesn't have to be perfect),
(c) have the necessary, verifiable cash on hand for closing the transaction. (There is a low down payment required on government homes.)
In addition, any bid placed on a government home requires either $500 (for homes $50,000 or under) or $1000 (for homes $50,000 and over) of earnest money, to be applied towards the buyer's down payment, after winning the bid.
However, should you not win the bid, your deposit is immediately returned.
4. Are HUD Homes meant for people with low incomes?
HUD homes range in price, but most are affordable for low- and moderate-income Americans.
5. If the HUD Home needs repairs, will HUD make them?
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 buyer can request HUD to pay a portion of the financing and closing costs. U. S. Home Buyers Assistance will explain the details.
6. How do I buy a HUD home?
You’ve taken the first step!
U.S. Home Buyers Assistance can assist you with the details.
In brief, HUD Homes are sold in an "Bid Period" during which time prospective buyers place a bid on the home through U.S. Home Buyers Assistance. We will place the bid and handle all the required administrative details for you.
At the end of the Bid Period, all bids are opened and, basically, the highest reasonable bid is accepted.
If the home isn't sold in the initial Bid Period, you can submit a bid any day of the week, including weekends and holidays, until the home is sold. They will be opened the next business day.
If your bid is acceptable to HUD, U.S. Home Buyers Assistance will be notified, usually within 48 hours.
7. If my bid is accepted, then what happens?
U.S. Home Buyers Assistance will help you through the paperwork process.
Normally the closing will take place between 30-60 days after contract acceptance.
During that time you’ll need to work closely and diligently with your mortgage broker to arrange financing.
If yours is an all cash transaction, the closing can be within 10 –14 days.
8. What happens if my bid is not accepted?
You can either place a higher bid on the same house, if it is still available.
Or you can place a bid on another home of your choice.
Or you can get your earnest money deposit refunded immediately.
9. Can I buy a HUD owned home as an investment?
Yes.
HUD homes are initially offered on a priority basis to owner occupant purchasers (people who are buying the home as their primary residence).
Following the priority period, unsold properties are then available to all buyers, including investors.
10. How can I find out about HUD homes that are for sale?
Right here!
U.S. Home Buyers Assistance features certain homes on this website each week, and is updated on an as needed basis.
Or you can call, fax or email our broker or agents. They are ready, willing and able to help you at all times.
We can assist you with information on every available HUD owned home in Georgia.
11. How do I qualify for a HUD owned home?
We make it easy for you. Please see our next section – Qualifying for a Government Loan.
