I have been seeing more and more HUD REO for sale signs in Snohomish and King County and that is opening up a special opportunity for home buyers. Did you know – A HUD Home can be purchased with only $100 down!
So what is a HUD REO?
A HUD REO is a home which has now been aquired by the Federal Housing Administration (FHA) as a result of foreclosure actions. Today, HUD is presenting a great opportunity for homebuyers. Mainly because HUD, like banks are NOT in the business of selling real estate so they provide many incentives to quickly liquidate their REO homes as acquired. One of the ways they do this is by allowing their homes to be purchased with as little as $100 down. This is an excellent option for people looking to purchase a home in Marysville without having to save up the 3.5% down payment required by FHA or the traditional 20% down payment.
Buying a Marysville HUD home is quite different that purchasing a traditional home from a seller. There is a strict, step-by-step process that both the Real Estate Agent and HUD Mortgage Lender need to be familiar with to ensure the offer gets reviewed. HUD allows for only ONE mistake on the purchase submission process and then the file is declined for review. It is important that you are working with a competent FHA mortgage banker and real estate agent to guide you through the HUD purchase process. Most HUD homes end up getting multiple offers as they are typically listed under market value, so time is of the essence if you are looking to purchase a HUD home.
How do I make an offer on a Marysville HUD home?
1. The HUD home gets listed
2. Buyers and real estate agents have 10 days to preview and offer on the home
3. All offers are submitted for review by the 10th day (deadline dates are set by HUD and the listing agent)
4. All offer must follow a standard offer submission protocol and the real estate agent must be an approved HUD agent.
5. All offers must accompany a certified Pre-Approval Letter from a HUD endorsed/approved lender (see me, I am HUD approved)
Once your offer is approved, the FHA mortgage approval process then refers to a standard 20-30 day loan approval process. FHA mortgage qualifying guidelines apply – See a previous blog that I wrote on qualifying for a Marysville FHA mortage.
Where do I find HUD homes in Marysville?
I recommend visiting the national HUD website and begin your search based on your personal search criteria. You can search for Marysville HUD homes at this link – Marysville HUD Homes.
Next, make a list of the homes that you want to view. Then you are going to want to contact a Marysville HUD approved real estate agent to preview the home. If you need help finding a Marysville HUD approved real estate agent, I can direct you to a team of Marysville agents that understand the HUD home buying process. The last steps before you go out shopping for a HUD Home in Marysville is to get Pre-Approved for a FHA/HUD mortgage.
As I mentioned, there is a strict process that must be followed along with a few other tips and strategies that I have learned in funding HUD mortgage loans. I have put together a HUD Cheat Sheet that details the exact step-by-step process, along with 7 Tips You Must Know Befor Buying a HUD home. Message me below or click on the link below, and I will e-mail it to you! If you have any questions, I can always be reached directly at (425) 350-7136 or by email at firstname.lastname@example.org