Recent Polk County HUD Homes

Real Estate Secret Revealed:

HUD Houses

or call (863) 529-7488

HUD May Have Your Dream Home!

As you buy a home as a residence or as a potential investment opportunity, evaluating  HUD house offerings is important to consider.  The U.S. Department of Housing and Urban Development (HUD) plays a critical role in homeownership in America.  Although the agency serves many purposes, one critical service it oversees is the Federal Housing Authority (FHA.)  For over 70 years, FHA has provided federal funding to provide mortgage insurance to lenders on FHA approved loans.   What does this mean for you?  Unlike conventional loans, FHA loans require very little cash investment to close and are much more flexible in income and debt requirements.  If a homeowner is unable to meet their obligations under an FHA insured loan, the lender can make a claim to FHA. 

All HUD Homes are sold AS-IS, without warranty. AS-IS contracts  are relatively common in real estate.  As with any AS-IS agreement, HUD will not make any repairs or warranties on the property.   HUD does provide, however, a property condition report conducted by an authorized HUD inspector which lists any known damage or problems with the property.  Of course, as with any transaction, buyers are encouraged to obtain an independent inspection after an real estate offer is accepted by HUD. 

Ready to get started?  Here are a few suggestions to get you on your way to owning a HUD home!

 

Once your offer is accepted, I can help to finalize your deal with HUD by helping you arrange inspections, appraisals, and coordinate lender and contractual requirements.  HUD homes can be a great opportunity to buy an affordable priced home for you and your family.  Call John Carter today for more information!

A home offered for sale by HUD resulted from a foreclosure of a FHA insured loan.  HUD Homes vary in terms of value, size, and age.  Examples of recent HUD homes offered in Polk County appear on this page.  HUD owns these homes and the rights to offer them on the real estate market.  Anyone can buy a HUD home with the assistance of a qualified agent.  Only licensed real estate brokers registered with HUD and their authorized agents may submit an offer and contract to HUD to purchase on your behalf. HUD pays the real estate broker's commission, if included in the contract.  Preference is given to those buyers who intend to own and occupy the property.  Investors can submit offers only after a waiting period which allows buyers who intend to occupy the property a first chance.  American Heroes, including law enforcement officers, firefighters, emergency medical technicians and teachers can receive discounts of up to 50% off the home value in designated revitalization areas through HUD’s Good Neighbor Next Door program as long as they commit to live in the property as their sole residence for at least 36 months.    To submit a contract on a HUD house, call or email John Carter, My Lakeland Realtor today. 

• Locate a HUD home which meets your needs.  In Florida, HUD Home sales are administered by National Home Management Solution (NHMS.)  To search the properties available throughout Florida, click here. 
  

• Determine what amount you are willing to offer.  HUD initially lists each home at an estimate of the current fair market value provided by an independent appraiser.  Bids are accepted until the bid deadline date which is always included in HUD real estate listings.  After the deadline, HUD will review all offers and either select the best offer or decide to extend the listing and accept new bids.  Your offer isn’t required to be the list price.  Depending on market conditions and the length of time the property has been on the market, HUD may decide to select a lower bid.  At times, buyers will make an offer in excess of the listing price if they feel a property is undervalued or particularly desirable.
  

• Submit your offer along with an earnest money deposit with the help of a designated realtor.  At the end of the listing period, earnest money will be returned for any offers not accepted by HUD. Email or call John Carter, an authorized real estate agent, at (863) 529-7488 to help finalize your HUD contract and offer.
  

John Carter is a Coldwell Banker Realtor in Polk County Florida specializing in residential sales.