HUD Homes are a great nontraditional way to purchase homes at a cheaper rate than market value. However, it is an extremely viable option for many home buyers because of the options that are around. There are several pros when looking at reasons to purchase a HUD Home.
- Availability: There are HUD Homes available all over the market that include several options for types of homes that different buyers are looking for. It is very common for a buyer to find multiple properties that they are interested in. Rather than having one or two houses on their mind, a buyer can have interest in multiple HUD Homes and make their decision based on research.
- Owner-Occupants Have Priority: A major pro is that owner occupants have priority when it comes to purchasing a HUD Home, as it gives them an advantage over investors. Many owner occupants have a hard time winning bids over investors because they usually pay in cash. However, investors can not bid on a HUD Home until it has been on the market for an extended period of time, which gives owner occupants a big advantage to start.
- Help With Closing Costs and Escrow Fees: Help is available when it comes to purchasing a HUD Home. HUD may pay a certain percentage of the closing costs and the escrow fee, which can greatly assist certain home buyers. This can be extremely helpful for someone who may not be able to purchase a home in a more traditional manner. As the economy is always shifting, it is important to have different ways to purchase a home and HUD gives buyers another opportunity to purchase their dream home.
If you’re ready to start your home buying process, contact us! We’ll be glad to help you search for the home of your dreams. Ask us for suggestions or help in finding a lender!
