Going, going, gone! UPDATED!
A while back I wrote several posts about the HUD buying process. HUD did an overhaul of the way they do business and some of those posts are no longer valid. Most of the changes aren’t anything that the typical buyer would even notice but some things are a good bit different. Bid periods are… Read More
Remember all those posts I just wrote…
…like bid periods, HUD keys, etc? Forget all that. Times they are a-changin’. Right now other HUD quirks are staying the same like $100 down payments & 3% closing cost assistance but they could be changing in the near future too (hope not!). As of today, all HUD homes that are currently listed will still… Read More
140 Luke’s Lane Jasper, TN
UPDATE: Sorry guys! This one got away. Currently under contract. Built in 2004, this home is move-in ready or do some updating to make it your own. The open floor plan features hard wood floors in the living area plus an eat in kitchen with a french door leading to your back yard. You will… Read More
Offering over the asking price? A cautionary tale for HUD buyers
HUD homes are often a great value. When you add in the incredible financing available, well, you can imagine that they might move like the proverbial flour based breakfast food. When you see a great deal in the ‘real world’ (i.e. the one where you can’t get $100 down payments any more) one strategy is… Read More
Earnest Money
Coming up with an earnest money amount is usually a matter of negotiation when you are buying a home. You offer the seller $7.47 and they ask for $12,500.00. You want your buyer’s agent to be the one holding it, the seller wants their agent to hold it. At some point you’ll hopefully meet somewhere… Read More
Closing costs
The closing costs for your HUD home are going to be pretty much the same as they would be on any other home purchase. The way you get those closing costs paid is a little different. In most home buying situations, you can ask for the seller to pay part or all of your closing… Read More
Going, going, gone!
UPDATE: This process has changed a little since this post was written. Click over to check out the updated post about HUD bid periods. Bid periods are yet another point of confusion in the ongoing quest to buy a HUD home in Chattanooga. New HUD listings are posted on Tuesday’s & Friday’s each week with a… Read More
$100 Down Payment (whispers behind hand) “Can they do that?”
One of the very best-est things about buying a HUD home as an owner occupant is the $100 down payment program available with FHA financing. Since 80/20 mortgages went the way of the dinosaur, there have been only a few options for those who don’t have the cash for a traditional 3.5-5% down payment. One… Read More
