For any homeowners out there with FHA financing who utilized the forbearance option during the COVID crisis/hardship, know that the FHA does not require a lump-sum payment once forbearance ends. The FHA does not want properties to become HUD owned homes, so they offer tools to help you repay your paused or reduced payments over time.
With few HUD-owned properties on the market right now, it’s the perfect time to research the process, ask your questions, pick an agent, and be 100% ready to go when more properties hit the market. At myPro Realty, we have the knowledge and experience to guide you through the process from start to finish, and we’d be more than happy to do whatever we can to help.
Remember that during these low inventory times, where buyers are in fierce competiton with other buyers, some of whom are probably investors, a HUD-owned property in its exclusive listing period might be just the thing that helps your buyer get into a house.
In today’s podcast, we focus on two quick messages – first, a reminder that HUD-owned properties typically have a 15-day exclusive listing period, where owner-occupants don’t have to compete with investors; and second, that this slow time of the year is a great time for you agents out there to learn more about the HUD process.
We all know real estate agents who think overbidding in an initial offer is good strategy, that you have to get your foot in the door first (as the winning bidder with that amazing offer), and then you renegotiate the purchase price later when the property doesn’t appraise. I’m just going to say it right here – this is just bad practice! Actually, it’s not just bad practice with HUD-Owned Properties, it won’t actually work. Listen to Jeff as he explains why.
Did you ever wonder how owner-occupants could possibly compete against investors when bidding on HUD-Owned Properties? In this podcast, Jeff tackles some of the terminology related to HUD listing periods, and he throws in a brief explanation about “insurability” as it relates to HUD Properties as well. Don’t miss it!
We here at myPro Realty are excited to announce that we are now an authorized Local Listing Broker for HUD owned properties. Check back often for new trainings and information broadcasts related to buying and selling HUD homes.