How to Purchase a HUD Home in the Beach Haven West Real Estate Market
Beach Haven West NJ Real Estate
A HUD Home is acquired by the US Dept. of Housing and Urban Development (HUD). HUD homes are found from time to time in the Beach Haven West real estate market and they can represent a good value in some cases. That said, there are some restrictions that all buyers in the Beach Haven West real estate market must be aware of. Understanding How to Purchase a HUD Home in the Beach Haven West Real Estate Market is an essential tool for all buyers looking in the area.
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How to Purchase a HUD Home in the Beach Haven West Real Estate Market
If a foreclosed home was purchased with a loan insured by the Federal Housing Administration (FHA), the lender files a claim for the balance due on the mortgage. The FHA pays the claim, and then transfers ownership to HUD, which sells the home. In order to buy a HUD home in the Beach Haven West real estate market or elsewhere there are some steps you need to follow:
- You must use a HUD registered real estate broker.
- You must be pre-approved for a mortgage.
- Owner-occuHUD offers three types of properties: FHA insurable homes, FHA insurable homes with a repair escrow and homes that are not insurable with an FHA loan
- Owner occupied bidders receive first priority.
- You do not have to finance a HUD home with an FHA loan.
When looking for a deal in the Beach Haven West real estate market a HUD home can be a good place to start looking. For more information about buying a home in the Beach Haven West real estate market please do not hesitate to contact us.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
www.beachhavenwestrealestate.com | www.BuyLBI.com
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