Sales Procedures and Requirements of HUD Home For Sale.

Before bidding on HUD home for sale you need to know some of the HUD sales procedures and requirements.

All HUD homes are sold strictly "AS-IS", and they mean "As-IS". HUD will not do repairs! There are no representations or warranties, expressed or implied, on HUD home for sale.
HUD does not guarantee the condition of any government foreclosed home, listed FHA-insurable or not, or whether it meets local codes or zoning requirements.

Purchaser must make sure the home is in a condition they are willing to accept before buying HUD home. They have fifteen days(15) days after the ratification date on the Sales Contract to have all inspections made.

Should you get a HUD Home Inspection? Purchasers must be pre-approved by their lender for the amount of the purchase price before bidding. If they are going to pay cash then they need a "Proof of Funds" letter from their bank.

Earnest Money Requirements for HUD Home for Sale

Earnest money is required in buying HUD home. The required earnest money is to be deposited with selling Broker before bidding on HUD home.

Earnest Money Return Policy for HUD Home Offers for buying HUD home must be made through HUD-registered broker. In other words, you have to use a real estate agent. Not just any real estate agent, but an experienced one in buying government foreclosed homes.

The photo below is an example of a HUD home in Georgia. It is located in Atlanta. This HUD home in Georgia is priced at $95,000. HUD home in Georgia average between 700 to 800 homes on the market at any one time.
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