Tagged : home buyer tips

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HUD Homes are homes owned by the U.S. Government.  "HUD"stands for the U.S. Department of Housing & Urban Development.

How Do Homes Become Owned By HUD?

When a person buys a home using an FHA loan (Federal Housing Administration), FHA guarantees the loan against default for the lender (e.g. BofA, Wells Fargo, etc.).  If the homeowner defaults on the FHA backed loan and goes through foreclosure, FHA pays off the lender and HUD is given title to the property.

Who Can Buy HUD Homes?

Both owner-occupants and investors can purchase HUD Homes (as well as governmental agencies & non-profits).  Typically, HUD will review owner-occupant offers after a period of 10 days on the open market.  Investors offers are typically not considered for the first 30…
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Real estate becomes bank-owned after no one bids on it at the foreclosure auction. This is usually because the starting bid is too near, or even above market value.

After the bank puts in their "credit bid," they become the owners of the real estate and the REO department gets it ready to sell. They hire a real estate broker to list the property and generally, little or no repairs are made. They determine the asking price based on appraisals and BPO's (broker price opinions).

There are many bank-owned homes in the Boise, Meridian, and Eagle ID area. You can request bank-owned real estate here. Bank-owned properties are generally priced to sell and can be a very good opportunity to get a deal.

Six things to know if you're thinking about buying

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