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Buying A HUD Property In Massachusetts

By Elizabeth R. Elstien

Housing and Urban Development (HUD) has homes originally bought with FHA loans and taken over in foreclosure. These Real Estate Owned (REO) HUD homes are often in poor condition with few to no appliances, as the former owners either had no funds to maintain the home or were upset about their home loss that items were purposely removed to spite the lender and make it harder to re-sell. Conveniently listed online, find out how to purchase a HUD home in Massachusetts and reap the savings.

Easy Online Listings

HUD homes throughout the country are conveniently listed on the HUD website. Use the form and input the area and basic home needs, click search and see what homes are listed. See a home that looks interesting? Call a real estate agent registered to sell HUD homes to show it.

Types of Homes

HUD properties range from single-family homes to one- to four-unit residences. Once a HUD listing goes on the market for sale, preference is first given to those who are purchasing as owner-occupied. After the owner-occupied purchase timeframe is over without a buyer, the listing is then open to investors or those wishing to purchase a second home.

Make An Offer

Using a HUD-authorized selling agent, make a bid on a property. Before any bid is made, the purchaser is urged to get a professional home inspection. As HUD properties are sold "as is," an inspection is the only way the buyer will be certain there are no major problems with the home or its systems. Make sure you have your financing in place before the bid is made. Cash or a loan may be used, including an FHA loan if qualifications are met.

Get Fix-up Funds

A buyer may be able to get funds to repair or rehabilitate the home purchased from HUD. Instead of getting separate loans for the purchase and repair, one loan can be acquired. HUD's 203(k) FHA-insured loan covers both.

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About The Author

Elizabeth R. Elstien has worked in real estate for over 15 years as a real estate...

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