What to Expect when Buying a HUD Home

Though they’ve gotten a bit of a bad rap since the housing bust in 2008, HUD homes and other types of foreclosures can actually be a great deal. In reality, buying a HUD home can be a very positive experience. If you’re not familiar with the HUD home buying process, you’re certainly not alone. To follow is a breakdown of what to expect if you’re thinking of purchasing a HUD home in the Denver metro area.

If you’re unfamiliar with the HUD home buying process, it’s crucial to find a professional 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.

HUD homes can be a great value, but they won’t just be given away. 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. Window shopping is fine, but you’ll want to make sure you secure financing quickly. You don’t want to know the heartbreak of losing the house you want because another buyer had their loan in place and yours hasn’t yet been approved.

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 – those who plan to make the home their primary dwelling. But after 30 days it’s open season, so competition is likely to heat up. If you find a HUD home you like, move on it!

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!

 

 

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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