Big Incentives on HUD homes in Ohio

The Department of Housing and Urban Development (HUD) and the Federal Housing Administration (FHA) recently announced a nice incentive for owner occupants wishing to purchase a HUD home. A "HUD home" is one that was foreclosed on and is now in the hands of HUD, who needs to sell it.

$100 down payments on FHA loans on these properties.

$2500 Allowance for closing costs, repairs, or mortgage buydown if you get an FHA loan. $1000 if you use other financing.

Real Estate Broker bonus of $250 to $500 for every HUD home sold. Hooray for us :)

Benefits of FHA financing:
-Flexible underwriting
-No minimum credit score
-Competitive interest rates
-Government insured
-This incentive can be used in conjunction with the Ohio Bond Money program!

Again, this must be for an owner-occupant. There are over 400 of these available in the Cincinnati area right now.

If you or someone you know has been thinking of purchasing a foreclosed or lender owned home, this would be a great time to kick it into gear. You'll need a buyer's agent who knows how to deal with these kinds of properties and get you the best deal possible. So call me!

Negotiation Nightmares on Lender Owned Properties

Here's a good article, written for Realtors, but that the whole real estate world should find interesting. It's regarding the never-ending fun that is negotiating a deal on an REO (or lender owned) property.

READ ARTICLE

It covers subjects such as why they take so long to respond, and reminds us that it's not a deal until we have the contract signed by them in hand, among other things. These negotiations can sometimes be frustrating, but they can often mean getting a nice deal on a piece of property.