HUD homes and other distressed properties often get a bad rap, but the truth is that these types of foreclosures can actually be a great deal. If you’re not familiar with the HUD home buying process, you’re certainly not alone. Here we’ll break down what to expect if you’re thinking of purchasing a HUD home in the Mile High City.
If you’re not familiar with the HUD home buying process, it’s important to find a professional who is 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 any questions that pop up along the way.
HUD homes can be a great value, but they aren’t simply 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 disappointment 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 residence). But after 30 days it’s open season, so competition is likely to heat up. If you find a HUD home you like, you’ll definitely want to 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!