Jun
05

HUD Homes can be Perfect for First Time Homebuyers and Investors

June 05, 2012

A qualified HUD agent can help a first time homebuyer find a great dealRecent improvements have made HUD homes much more attractive in this era of foreclosure-saddled markets with tough mortgage requirements, and they can be perfect for

first time homebuyers and investors alike. A new article on the Equifax Finance Blog, “

How To Buy A HUD Home,” explores the nature of these homes and how the purchase process is different.

HUD homes are a special class of foreclosures, specifically from FHA loans. As these loans were made through the Federal Housing Agency, they are owned by the government rather than a financial institution. The government has special rules when it comes to buying these houses, so both owner occupiers and investors should know what they are getting into.

HUD homes are listed through a special online auction process, so potential buyers should have their finances all lined up and be ready to compete for a HUD home. This is especially important due to the timing of HUD homes, which are usually reserved for owner occupiers for 30 days before the home is open for investors. Like other forms of foreclosures, investors are usually ready to buy homes with cash, so not having your finances prepared can cause the home of your dreams to slip out from under your nose. Investors enjoy the online process of HUD homes, where they can snap up dozens of homes at low prices in hot markets for turning over for rentals or renovation projects when the market improves.

The Equifax Finance Blog has other tips about HUD homes, including the importance of having an experienced agent and more. Make it your first stop for

personal finance advice to make the most of your money.

About The Author

Read All Stories By Mitch Levinson

Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.

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