HUD Homes
Interested in purchasing a HUD home?
Comstock Realty Group is a HUD participating Real Estate Agency and can guide you through the steps.
What is a "HUD home"?
A HUD Home is a property that was previously financed with an FHA insured mortgage and where the owner has defaulted on the loan. The lender then forecloses on the home. FHA pays the lender what is owed on the house, and the lender transfers ownership to FHA/HUD. Then HUD offers the home for sale at market value with the intent to sell as quickly as possible.
HUD homes attract a wide range of buyers, including investors, first time home buyers, teachers, police officers, firefighters, and EMT, as well as many other individuals.
Teachers, Police officers, Firefighters can buy a HUD home through a special sales program, under which when approved, may purchase properties at discounted prices.
Who can buy a HUD home?
Anyone can buy a HUD home who has the Cash or can qualify for a mortgage. An owner occupant who plans on making the property his primary residence generally has priority over other buyers. However, this priority does expire after a period of time, and the real estate property becomes available to other qualified buyers.
How do I buy a HUD home?
HUD homes are sold through Comstock Realty Group, 630-961-2766, a participating Real Estate agency.
Your agent must submit your bid for you. As an approved agent, we can submit bids 7 days a week. All submitted bids are reviewed, and generally the highest bid is accepted. If there is no acceptable bid, the home becomes open to new bidding until it is sold.
As your approved agent, if a bid is accepted, we are generally notified within 48 hours. Closing is generally 45-60 days.
HUD homes are sold "AS IS", so a professional home inspection before submitting a bid is recommended. HUD will not pay to correct any problems.
HUD pays the selling agent commission, as long as it is submitted with the offer.
To secure a loan to purchase a HUD home you must use a HUD approved lender. They will walk you through the loan process and secure the necessary loan for you.
How can I find out what HUD homes are for sale?
Right Here! Click the link below to visit the HUD website. If you see a home that interests you, Call us at 630-961-2766
and we will be happy to get you started.
