Utah HUD Homes
Bank owned homes which are backed by government loans are often referred to as HUD homes. These properties have been foreclosed upon by the bank and are up for purchase to the general public. Originally these loans were FHA loans in which owners were unable to repay. The mortgage was then transferred to the HUD who took ownership of the property. In order to regain loss of funds the property becomes part of the real estate market. Homes are appraised and locality is taken into account when determining the price for a property. If repairs to the property are required the price is adjusted down accordingly; however, no repairs can be added into the terms of the sale. Deals are made with the understanding that it is the responsibility of the purchaser to make all necessary repairs. Because of this, it is highly recommended that you obtain a presale inspection of the house you wish to place a bid on. Primarily, homes financed by the department of Housing and Urban Development are bid upon for a specific length of time, and as per usual the property goes to the highest bidder. To make a bid you must be preapproved for a home loan and be able to provide a minimum of $1000 in earnest money. Bids are made online, but in order to place a bid on a HUD house you have to seek the professional services from a certified realtor who is HUD approved.
Myutahhomesforsale.com has a comprehensive search program that will allow you to investigate different types of foreclosed real estate including HUD residences. Every Friday new HUD listings are released to potential buyers intending to use the home as their primary residence. As listings in Utah are updated, so is the database of myutahhomesforsale.com. This website is associated with realtors able to connect you with the foreclosed home you are trying to acquire.
Utah is one of the privileged states who participates a program which allows teachers, EMTs, firefighters, police officers, and other government workers to purchase HUD homes at a significantly lower rate. Through Neighbors Next Door these individuals can buy a HUD house for almost half of what it lists for. Stipulations for this program include signing documentation stating you will be living in the house for a minimum of three years while owning no other residential property. Documents proving that you are in one of these professions are necessary when applying for approval in the program. A second mortgage must be signed by you, the applicant, when purchasing the home for the remaining value of the house in case any obligations are not met during the three year period when first owning your home. When applying for a mortgage an FHA loan is used, a down payment of $100 is required, and any closing costs incurred can be financed into the mortgage. It’s a valuable opportunity offered by the government, and my utah homes for sale is ready to help you find the property you’re looking for.