Learning how to buy a HUD home will give you a tremendous advantage in today’s competitive real estate market. Most people, including industry professionals, don’t know how to buy a HUD home, so you’re not alone. This program is so good for home buyers it’s hard to believe. I feel the entire real estate industry should operate this way.
A HUD home is a foreclosed home where the mortgage was insured by the FHA. The lender will call it’s “marker” in these cases and the FHA must come in and take the home back. The good news is, when buying a HUD home, you can bypass some of the major challenges in today’s real estate market.
#1 – Available homes for sale. The number of available homes for sale has gone down drastically in recent months, but the inventory of HUD homes for sale has gone up 50% in the last year! So, you have more homes to choose from.
#2 – Competition is fair. Buying a traditional home in this market is tough without having good relationships with listing agents. Most of the time, if a realtor gets a listing, they will easily be able to find a buyer. Within the process of buying a HUD home, you will always get a fair chance. The listing agent doesn’t have anything to do with the decision. They don’t even see the offers! All offers go directly to HUD, who makes the final decision.
#3 – Family bias. HUD is very anti-investor and wants to put families in homes, which is almost the opposite of the traditional market right now, but very good news for families who want to buy real estate in San Diego.
If you want to buy a HUD home in San Diego, contact Kyle Whissel. He is a licensed Real Estate Agent and HUD home expert.
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