When you think of a HUD home, it may not initially appear as an appealing option. Let’s face it: since the housing bust of 2008, the reputation of HUD homes hasn’t been that great. Contrary to what you might believe, HUD homes and other types of foreclosures can actually be a great deal. Here we’ll give you a break down on what to expect if you’re thinking of purchasing a HUD home in the Mile High City. You may find it’s a great option for your needs.
The first thing you want to do when considering buying a HUD home is to find an agent who’s experienced with the process. Buying a HUD home isn’t necessarily more challenging than other types of homes, but it is different. For that reason, it’s important to find a professional experienced with these types of transactions. An agent who knows the ins and outs of HUD home purchases will be able to guide you and answer questions along the way.
HUD homes can be a great value, but “HUD house” doesn’t equate to “free house”. Keep your pricing expectations in check. As with any other property, it’s a good idea to get pre-qualified or pre-approved for a mortgage before you start searching. Doing so will ensure you know exactly how much house you can afford.
While HUD homes can be very appealing to investors looking to flip a property or potential landlords who are looking to fix it up and rent it out, the good news is that in the first 30 days a HUD home is available it can only be bid on by potential homeowners – those who plan to make the home their primary residence. Knowing they aren’t competing with investors allows buyers to breathe a little easier when considering a HUD home.
Are you interested in checking out HUD homes in the Denver area? Metrowest specializes in these types of transactions and we’d love to help you start the process. Give us a shout today!