How to buy a HUD Property in Georgia - What is the process

How to buy a HUD Property in Georgia

Many people have asked lately how to go about buying a HUD property in Georgia. Here it goes in a short Blog.

 

1. A pre-qualification letter from the lender must accompany your offer. This letter must indicate that the lender is aware that the buyer is purchasing a HUD home and that a credit report was to determine loan eligibility.

2. All offers are subject to mortgage insurance company approval. The buyer does not have a binding agreement until they receive a copy of the executed contract from the seller.

 
3. Earnest money in the amount of $500 (sales price under $49,999) or $1000,00 (sales price over $50,000) must be in the form of certified funds, money order or cashiers check made payable to the Selling Agent’s Real Estate Company.

 
4. A HUD property is Sold “AS IS”. This means no repairs will be made. A home inspection is at the Buyer’s discretion and expense and must be ordered 15 days of accepted contract. Buyer must request and pay for all utility service activations.

 
5. A termite letter is available and must be ordered 7 days prior to closing.

 
6. Seller does not provide a Home Warranty Protection Plan.

 
7. Closing services will be preformed by Seller’s closing attorney. The purchaser may have their own attorney in addition to or in lieu of the seller’s; however this is at their own (the purchaser’s expense).

 
8. All closing dates that are extended will be at the Buyer’s expense. Extensions must be requested prior to the expiration of sales contract with a money order, cashier’s check or certified funds delivered to HUD’s closing attorney.

 
9. All closing packages must be at the closing attorney’s office 3-5 days prior to closing.

 
10. Terms in the seller’s addendum override any conflicting information in the GAR form.

Your contract has many time sensitive requirements. Go to the HUD sight and read the contract completely and if you have any questions do not hesitate to call me.

John Reinhardt

RE/MAX Greater Atlanta

678.784.4440

www.InFrontMarketing.com

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