Mandeville, LA, October 22, 2011 --(PR.com
)-- HUD, also known as the U.S. Department of Housing and Urban Development, is an agency that oversees the Federal Housing Administration (FHA). Therefore, a HUD home is a home that had a FHA insured loan that was foreclosed upon. Once a home forecloses, HUD gains ownership of the home.
Wayne Turner of Turner Real Estate Group has 15 years experience in selling HUD homes, and says buying a HUD home means big savings.
“The last HUD home I closed sold for $167,000. It was a five year old home in great shape. The original owner bought it for $242,000. These are the kind of deals we help home buyers get with HUD properties,” says Turner.
Turner says HUD foreclosures can be purchased for as little as $500 down and HUD will play all the buyer’s closing costs. If a buyer is paying cash, all that is needed is proof of funds. If getting a loan, a buyer has to show that he or she has approved financing.
“Buying a HUD is a bidding process. It’s almost like a silent auction. Buyers place their bids and within 24 hours you’re informed if you got the home or not,” says Turner.
The average HUD home takes about 45 days to close, but the benefits and savings make it a great opportunity. For more information on buying a HUD home, contact Turner Real Estate Group at 985-626-1313.