How to Buy HUD Homes in Arizona

On this page, you will discover about the process of buying HUD homes nationally. KING of HUD will outline for you the steps of buying a HUD nationally.

First step: Per HUD's guidelines, the buyer must be prequalified. This is done by contacting a HUD lender 877-GOVT-HUD x 101 which will connect you with a lender and HUD specialist in your area.

The prequalification process will give you information on how much you are qualified for, how much roughly your payments will be, and what your interest rate on your home will be.

You will also need a cashier's check or money order made payable to "US Department of HUD or John Smith." Replace John Smith's name with your name.

The next step in buying your HUD home will be finding the right HUD specialist. This is done by contacting 877-GOVT-HUD x 101.

The specialist will sit you down and discover what kind of house you are looking for. HUD homes include, manufacture homes, condos, town houses, single family detached homes, duplexes, and four plexes. From one bedroom to eight bedrooms.

Once the HUD specialist knows what you are looking for he or she will search the database for the right home. Once they find the right home they will research the comparable home prices in the area. The database in updated once a week on Friday.

Remember these homes will be based on average to above average condition. The HUD homes will require a little elbow grease to get them to average or above market condition.

KING of HUD recommends buying below the comparable in the area, so that you get a bargain

Next you will place a bid on the HUD home that you find. Bids are due on Suday night prior to 11:59 PM. This is done through an electronic blind bid. Meaning only you and your HUD specialist will know what you bid on the home.

If the house was listed on Thursday the bid will be opened on Tuesday, and if it was listed on Friday the bid will be opened on Wednesday- assuming no government holidays.

The bid is opened, and it says you won... The next step: The HUD home specialist will have 48 hours to get all of the contract and addendums to HUD's property management.

HUD's property management will over night you the contract back once HUD accepts your offer. Then your HUD specialist turns your earnest money into HUD's designated closing agent.

Now you have 45 days to close.

Next your HUD specialist takes the signed contract, and attach a request for inspection and sends it in for acceptance. This inspection is for your mind only. Nine out of ten times HUD will not do any repairs on the house, since it is sold as is.

Next you turn on the utilities that HUD's permits you to, and you have two days out of fifteen days to do a home inspection.

After the inspection you turn off the utilities.

Then you close your transaction.

Turn learn more about HUD contact 877-GOVT-HUD x 101.

877-GOVT-HUD x 101
OPEN 7 DAYS / WEEK - BIDS DUE NOW
"Great 1st time home buying programs available"

Zero $ Down and have the Government pay up to 3% of the purchase price toward your closing costs

Home

Example Bargain CMA $175,000 4 BR, 2 BA, Pool, 1869 SF Net Purchase to HUD $134,290

Arizona Foreclosure &
HUD Home Specialists
KING of HUDŽ
National Corporate Office
40 N Central Ave 1410, Phoenix AZ 85004