Since the housing bust a few years back, HUD homes and other types of foreclosures may have gotten a bad rap. In reality, buying a HUD home can be a positive experience as well as a great deal. If you’re not familiar with the HUD home buying process, don’t worry, you’re definitely not alone. Here we’ll give you a rundown of tips if you’re thinking of purchasing a HUD home in the Denver metro area.
Be prepared to move quickly
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. However, the first 30 days a HUD home is available, it can only be bid on by potential homeowners. That is, those who intend to stay in the property and make it their primary residence. After 30 days, however, it’s open season and competition could become fiercer.
Be realistic about price
When it comes to financing, be realistic about your price range. Just like with any other property, it’s a good idea to get pre-qualified or pre-approved for a mortgage before you start searching. There’s nothing wrong with window-shopping, but you’ll want to make sure you secure financing in a timely manner. There’s nothing worse than finding the house of your dreams, only to lose it to another buyer because your loan hasn’t been approved yet.
Find a pro to help
Navigating the waters of purchasing a HUD home can be a little confusing for first-timers. That’s why it’s crucial to find a real estate agent who’s experienced with these types of sales. An agent who knows the ins and outs of HUD home purchases will be able to guide you and answer questions along the way.
Metrowest specializes in HUD home transactions and we’d love to help you start the process. If you’re considering purchasing a HUD home in the Denver metro area, contact us today!