HUD Bids

Want to find great deals on houses in today's market? How about looking at bank-owned foreclosures through the US Department of Housing and Urban Development (HUD)?

Let me help you make your bids in Washington state. If you are an investor, you will want to search single family houses in Washington state listed on the www.HUDhomestore.com website under an "Extended" bid status. Begin by doing a search on all properties by state (select "Washington") and then select "investor" from the drop down menu for "Buyer Type." Hit search.

Click on the highlighted blue case number for each property. At the bottom of the details page you will see "HUD registered bidder?" Click on the tab next to it labeled "Submit a Bid."

Offer whatever price meets your investing criteria.

Under "NAID type" select "Selling Broker." Under "NAID" type in "HMLAND7272."

Under "Real Estate License" type in "23175."

Type in the captcha numbers and click on "Verify NAID."

On the next screen, question 3, type in the purchase price offered using the formula above.

Question 4, click on "Paying cash..."

Question 5, type in "0." (or whatever concessions you may need)

Question 8, click "Investor."

Question 10, click the first choice "...may..."

Question 11, fill in your information as Purchaser. HUD does not allow "and/or Assigns."

Click continue, and review the offer on the next screen. Click the box under "Acceptance of Terms..."

Then click on "Confirm this Bid."

Print a copy of the acknowledgment on the next screen for your records. You're done! On to the next bid!

If an offer is accepted, I will be notified on the next business day, and will follow up with you to complete the paperwork on your behalf, and represent you through the transaction. If you have any questions, please let me know.

Happy Investing!

Housing for Teachers

Rising housing costs can prevent teachers from living in the districts they serve, creating a teacher housing crisis everywhere from Seattle to San Francisco to Fairfax County, VA.

But not all hope is lost for teachers looking for home-buying assistance. Below are some money-saving options designed to help teachers afford nearby housing.

Good Neighbors Next Door: Developed by the U.S. Department of Housing and Urban Development, this program was created for teachers and other civil servants, including firefighters, law enforcement officers, and emergency medical technicians. It offers a 50% discount on HUD-owned homes located in “revitalization areas”—regions with high foreclosure rates and low homeownership—nationwide. Here’s the catch: Applicants must not currently own a home and must commit to using their new house as a primary residence for three years—otherwise, they’ll owe the full cost. See homes available through the program at HUDHomes.

I am qualified to submit bids on HUD homes. So if you are a Seattle school teacher hoping to buy a home in the Seattle area, please send me a private message at HomeLandInvestment@gmail.com or leave your contact information at 888-621-4999 x0.

 Happy Investing!

HUD Homes

I am a registered HUD broker, and as such, I am authorized to submit bids for property on the HUD home store (HUDhomestore.com). Today I attended a credit hour class offered by Chis Cross at Keller Williams Bellevue on Successfully Selling HUD Homes.

Anyone may search for HUD properties on the HUDhomestore.com website, and set up a listing alert to be notified when new properties matching your buying criteria are listed. However, only HUD brokers, like myself, may submit offers on this site.

HUD homes are those single family, townhomes, condos, and multiplexes up to 4 units that have been foreclosed. The lender has then turned the properties over to HUD in exchange for the insurance value. Hence, HUD homes are often sold at below-market prices that may save the purchaser thousands of dollars, with down payments as low as 3.5%.

HUD is focused on stabilizing the housing market by encouraging homeownership among owner-occupants. Investors have an opportunity to bid on these homes after they have been advertised for owner-occupants for 15 days. These homes are sold in "as-is" condition, and the buyer has the opportunity to conduct an inspection after their offer has been accepted.

The whole offer, bidding, and contracting process is handled electronically on the HUD homestore website. The amount of the earnest money ($500 or $1000), and the length of time for closing are all set by HUD. There is no negotiating over repairs or reductions in price. The buyer must be listed on the contract, and while it is possible to add purchasers, HUD does not allow for contract assignments.

Investors typically have the opportunity to bid on properties only after a 15-day review period offered to primary residence buyers first. Investors may do an inspection at their own cost, and may back out of the contract after that. But they will lose their $1000 earnest money.

HUD also offers a very interesting Good Neighbor program that allows police officers, teachers, fire fighters, and EMTs to purchase HUD homes in "revitalization areas" where they work for 50% of list price. These revitalization areas are identified on the HUD homestore site.

If you are interested in looking at HUD homes currently offered for sale in the Seattle area, please message me at HomeLandInvestment@gmail.com and let me know the particulars.

Happy Investing!