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HUD Homes on the Central Coast of California.

Homes Starting as low as $80,000

HUD homes are now popping up everywhere based on our current real estate climate. So if you are looking for a HUD home in Paso Robles, Santa Mara, San Luis Obispo or anywhere on the central coast. I can help you. One has to be an approved agent with HUD to be able to list or buy homes from HUD. Here are a few answers to some common questions about HUD Homes

Question 1: What is a "HUD Home"?
Answer: When someone with an FHA insured mortgage can't meet the payments, the lender forecloses on the home; HUD pays the lender what is owed; and HUD becomes the property owner and offers it for sale to recover the loss on the foreclosure claim. HUD tries to sell it at market value as quickly as possible.

Question 2: Who can buy a HUD home?
Answer: Almost anyone! If you have the cash or can qualify for a mortgage, subject to certain restrictions, you may buy a HUD home.

Question 3: Are HUD Homes meant for people with low incomes?
Answer: HUD homes range in price, but most are affordable for low- and moderate-income Americans HUD housing covers the whole gamut of the housing industry. It is a myth that HUD only manages low income housing. Many HUD homes are beautiful homes in upscale neighborhoods. And, though your might not know it, even your neighbor's home could have once been a HUD home.

Question 4: Is it true I can get a HUD Home for a dollar?
Answer: No. HUD sells homes at market value - which means that the price is set based on the price of similar homes sold in the area.

Question 5: If the HUD Home needs repairs, will HUD make them?
Answer: HUD Homes are sold "as-is," without warranty. That means that HUD will not pay to correct any problems. But even if a HUD Home needs fixing up - and not all of them do - it can be a real bargain! For example, HUD's asking price on the home will reflect the fact that the buyer will have to invest money to make improvements. HUD might offer special incentives such as an allowance to upgrade the property, a moving expense allowance, or a bonus for closing the sale early. And keep in mind that on most sales, the buyer can request HUD to pay all or a portion of the financing and closing costs. Your real estate agent will have details. We encourage you to get the home professionally inspected before you make an offer so you will know what repairs you may have to make BEFORE you submit your bid.

Question 6: Can I buy a HUD Home as an investment?
Answer: Most HUD Homes are initially offered on a priority basis to owner occupant purchasers (people who are buying the home as their primary residence). Following the priority period, unsold properties are then available to all buyers, including investors.

Question 7: How can I find out what HUD Homes are for sale?
Answer: Right here!

Chrissy Hicks
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