Colorado Springs HUD homes | Colorado Springs Vintage Homes Blog

Posted in September 29th, 2009

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Comprehensive Property Report; HUD has already had a property inspection report done on their properties. Hence, you have an idea of what needs to be fixed on them. A buyer should still get an inspection done; but it’s nice to know most of what needs to be done before you put in a bid; it cuts down on the surprises.
Precise Bid Periods: All HUD properties are on a bid period, consequently you’ll know quickly whether or not your bid has been accepted.
Low Downpayment: $100.00 down. Yes I did type this correctly. You can get into a HUD property for $100.00 down.
Attractive pricing: HUD properties seem to be discounted about 20% to 25% from the general market.
Options for Financing: Many of the HUD properties are available for an FHA 203K loan, a rehab type loan. Consequently a buyer can borrow more than the cost of the house and have extra funds available for major repairs.
Easy to Show: All of the properties are accessible by a HUD key, consequently a Realtor doesn’t need to make an appointment to show the property.
Research on Pricing Available: It’s easy to research the bid statistics on properties; hence a buyer and their Realtor can get a feel for how the pricing works and what the winning bids are. Currently, a fair amount of the winning bids are going for more than the asking price. Also, many of the properties are getting 4, 5 even 6 bids on them.