Tales of a HUD Home purchase, bring your patience with you
The availability of HUD Homes South of the River is increasing steadily. A HUD Home is a specific type of foreclosure. The loan on the home was an FHA , a type of loan ensured by the Federal Government. When these homes fall into foreclosure, they end up in the hands of HUD, Housing and Urban Development.
Recently the HUD Home contracts were awarded to a company called Best-Assets, a management company for our local area. All HUD homes are sold like an auction with online bidding.
About a year ago, I looked up all HUD Homes on the market and there were only about 30 on the market all across the Twin Cities, and about 6 of those were South of the River. Currently, on the MLS, there are 324 HUD Homes. There are a total of 35 HUD Homes on the market in Savage, Prior Lake, Burnsville, Apple Valley, Eagan, Rosemount and Farmington.
Did you know, if you are qualified for an FHA loan and decide to purchase a HUD Home, you will only need $100 total for your down payment and closing costs! That’s a great opportunity, just $100 out of pocket to get into a home.
Congratulations to my clients who successfully purchased a HUD Townhome in Farmington last month…it was a long and drawn out process with lots of hurdles, but all worthwhile in the end. They succeeded in getting a 3 Bedroom, 3 Bath, 2 Car Garage Townhome with Fireplace and all Appliances for under $67K. I hope they enjoy it for many years.