Tips for Purchasing a HUD Home

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!

Ken Blevins

About Ken Blevins

Ken Blevins, CEO of Metrowest Real Estate Services, is a veteran in mortgage and default servicing with more than 24 years of experience in collections, foreclosure/bankruptcy, loss mitigation and real estate disposition (REO). Blevins was an original co-founder of Metrowest in 2003, a Real Estate Brokerage and Services Company focused on the resale, recovery and liquidation of distressed real estate in Denver, Colorado and surrounding metros. Blevins assumed the role of CEO in January 2014 and provides strategic direction and has management accountability for the day-to-day operations. Under his direction, Blevins drives all default management operations to maximize asset value recovery and reduce loss severity through a strategy focused on customer service and state of the art technology. Blevins has 18 years of direct operational experience in all facets of REO Asset Management having managed large national REO Disposition contracts for Fannie Mae, Freddie Mac, Wells Fargo, JP Morgan Chase, CitiFinancial, GMAC Mortgage and other various financial institutions. Blevins specialties include REO asset management, real estate investment, bulk REO acquisitions and distressed asset recovery and liquidation, and he has directed the resolution and liquidation of over ten billion in institutionally-owned residential real estate.

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