Colorado Springs Vintage Homes Blog

Colorado Springs HUD Homes, Part I

Are you Interested in buying a foreclosed home in Colorado Springs?

5 things to know about HUD homes

Search for Foreclosed Homes in Colorado Springs

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• Pre-Qualification or Pre-Approval, which do you need to buy a home?
• Homes sold “As Is” in Colorado Springs….what does it mean?
• Homes in Colorado Springs, 5 things to know about buying foreclosures
• 8 biggest mistakes made by Colorado Springs home buyers

(1) What is a HUD Home?

When someone with a FHA Insured mortgage defaults on the loan, the lender forecloses on the home.  FHA then pays the lender what is owed; and HUD takes ownership of the home.

(2) Who can buy a HUD homes?

If a buyer has cash, or can qualify for a loan, they can buy a HUD home.   They are typically offered FIRST to buyers who want the home for their primary residence.   Following the bid period for owner-occupants, the unsold homes are then offered to investors.

According to the Michael, Conner, Boul web site, owner occupants must live in the house as their primary residence for at least one year and may not purchase another HUD home as an Owner Occupant for two years.  Purchasers must use a broker or agent who is registered with HUD to place a bid on a property. 

(3) How are HUD homes sold?

In Colorado, they are listed on the web site for Michaelson, Connor, and Boul.    Any Colorado Springs Realtor, whose brokerage firm is registered with HUD, can place an online offer to a purchase a HUD property for a buyer.    These homes are also typically listed on PPAR, the Multiple Listing Service for the Colorado Springs Area.

(4) Are there any special programs to purchase HUD homes?

According to the HUD web site, properties in designated areas are available at a reduced sales price to law enforcement officers, teachers, firefighters, emergency medical technicians, nonprofits and local governments.

(5) Where are the homes located?

HUD homes are located all over the U.S; including many in El Paso County, and the list of homes available for sale varies in each bid period.  Here’s a partial list of the current HUD homes for sale in El Paso County.  There are currently 30 homes listed on the site for the upcoming bid period ending on 11-19-08. 

• 80906 312 N. Spruce  $76,300
• 80904 1329 Langmeyer Street  $145,000
• 80903 1122 E. San Rafael  $137,600

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Kathy (719-287-1049)   KTorline@msn.com

Tags: colorado springs co real estate, colorado springs co realtor, colorado springs forclosures, colorado springs foreclosed homes, colorado springs foreclosure properties, Colorado Springs homes for sale, Foreclosed homes in Colorado Springs, HUD homes in Colorado Springs

This entry was posted on Wednesday, November 19th, 2008 at 6:00 am and is filed under For Buyers, Foreclosures and Short Sales. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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