Phoenix Homes for Sale
HUD Homes for Sale in Arizona are the Perfect Distressed Property Situation
What is A HUD Home?
The United States Department of Housing and Urban Development, also known as HUD, is a Cabinet department in the Executive branch of the United States federal government. The 203(k) program offers low down payment loans to primary resident owner occupants or nonprofit groups to buy and renovate a house. One of the most successful HUD programs over the years has been the Multifamily Housing Service Coordinator Program.
Each year since 1992, HUD has included in its Notice of Fund Availability (NOFA), a specific allocation of dollars to allow sponsors and owners of HUD multifamily housing for the elderly the opportunity to hire a Service Coordinator. The Service Coordinator provides case management and coordinative services to elderly residents, particularly to those who are "frail" and "at-risk" allowing them to remain in their current residence. As a result, thousands of senior citizens throughout the United States have been given the opportunity to continue to live independently instead of in an institutional facility such as a nursing home. Professional organizations such as the American Association of Service Coordinators provide support to HUD Service Coordinator through education, training, networking and advocacy.
Due to HUD's lending practices, it occasionally takes possession of a home when a lender it insures forecloses. Such properties are then generally sold off to the highest bidder through the HUD auction process. Buyers of HUD homes as their primary residences who make a full-price offer to HUD using FHA-insured mortgage financing receive seller concessions from HUD enabling them to use only $100 down payment.
Popular MLS Quick Search Topics For "Your Arizona HUD Home Experts":
Residential Real Estate in Phoenix
Accuracy of Bid Submission
The purchaser information entered on the bid must be accurate. If an erroneous social security number, federal identification number, purchaser, or company name is used in lieu of the actual SSN/FIN, purchaser, or company name your bid may be rendered invalid. The information entered on your bid cannot be changed after it has been provisionally accepted. Submission of false information will result in the cancellation of the provisional bid acceptance and the property will be placed back on the market for competitive bidding or awarded to a back up bidder.
If your bid is accepted, (I will be notified via HUD) you are responsible for delivery of the original signed sales contract and addenda to MLM III within 2 business days. Therefore, you must have your Sales Contract and addenda, including your purchaser’s pre-qualification letter or verification of cash funds for a cash sale, prior to submitting your bid. If your sales package is submitted incomplete, your bid acceptance may be cancelled. (These are items I take care of for you-so once the bid is won, because I already have your earnest money in place and the contract signed, I overnight it to California to ensure your escrow moves forward)
HUD’s “AS-IS” Policy
Even though HUD Homes are Sold AS-IS, Buyers can rest at ease as the homes have been appraised, inspected and checked for termites. HUD makes no representations or warranties concerning the condition of the property, including but not limited to mechanical systems, dry basement, foundation, structural, or compliance with code, zoning or building requirements and will make no repairs to the property. Regardless of whether the property is being financed with an FHA insured mortgage, HUD does not guarantee or warrant that the property is free of visible or hidden defects, termite damage, lead base paint, or any other condition that may render the property uninhabitable or otherwise un-useable. The purchaser is responsible for taking such actions as it believes necessary to satisfy itself that the property is in a condition acceptable to it, of laws, regulations and ordinances affecting the property and agrees to accept the property in the condition at the time of contract acceptance. Purchasers are encouraged to have a home inspection performed to identify any possible defects.