Posted by Ann on June 23, 2001 at 08:41:30:
The answer to you earnest money deposit question is Yes or True it is a $1,000. Yes, credit is an issue for HUD as with all sellers or lenders. But, there is some flexibility in HUD prorams. There are some suggestions that may be of some help.
- Research the area where the property is located. You stated the property next door was valued at $84,000 with two car garage. I would look at the street
what was the recent sell price of houses on that street or what are the present house values on the street and not just the house next door. You can get this information from a broker or at your city hall if you have the time to look.
- Get to know the HUD process for selling property. You can do this online www.citiwestinc.com this is the agency responsible for selling HUD property. Go to information home buyer? I think but just go through each area on this site to get informantion about the process. You can write them at Citiwest Inc., 330 Main Street, Hartford, CT 06106 or call 860-244-2783 or fax860-244-2798 this site will give you some of the information for purchasing a HUD property.
- This site will also, give you a list of HUD approved lenders in your area, if not call them and ask for a list in your area. Once you receive this list call a few and state you are interested in buying a HUD and before you go forward you would like to discuss criteria and guidelines. You can also, talk to them about a refinance loan to pay for repairs. Just be up front about your credit, many HUD programs understand credit may not be great for these properties. They may be willing to help but most of all you want to get informantion and become familiar with the process. Having a great mind for real estate means having good information. Good decisions are often based on how much information you have about the subject. Poke around at the citiwest website I think it will help in learning the process. Also, there is a link from this website called HUD homebuyerkit? I think you should become very familiar with this information. This you have an other questions give me an email. AMaxwel@aol.com