“How long does it take to buy a HUD home from start to finish?”

By
Real Estate Agent with Better Homes and Gardens Real Estate Metro Brokers

Newnan HUD homes for saleThis is a question that I am often asked. And the answer really depends on a lot of factors, as there are many people involved in the process.

For the purpose of this article, let’s talk about a HUD home that has just been listed, and that the purchaser is an owner occupant.

No bids are opened for the first 10 days that the property is listed. So if you make a bid on the first day of the listing period, you will have to wait at least 10 days for an acceptance.

In some cases, it it taking an additional 2-5 days for the winning bidder to be notified. Once notified, the selling agent then has only 2 days to get the contract delivered to the HUD asset manager.

Then it takes an additional 7-14 days to get a fully executed contract. From that point, a buyer obtaining a loan has 45 days to close and a buyer paying cash has only 20.

So the final answer is, it can take anywhere from as few as 30 for a cash buyer a fast turnaround times days to as many as 75 days for a buyer getting a loan and  slow responses from all those involved in the process.

An experienced HUD selling agent can help guide you during the entire process and help you with the exact timelines in your transaction.

To locate HUD homes for sale in your area visit HUDHomestore.com.

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Topic:
Home Buying
Location:
Georgia
Groups:
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Rainmaker
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June Tassillo
Let me help you with the next phase of your life!
RE/MAX Elite Realty

Richard ~ I have had no problem with HUD homes with Cash buyers though and we choose to use their attorney that was offered.  Seems to go smoother if its in one office.   I don't think I have ever seen anyone explain it in such detail, good post.

December 30, 2010 08:23 PM
Rainmaker
525,591
Cynthia Larsen
Sonoma County Real Estate Broker
Safe Haven Realty

My first HUD sale was an incredible learning experience and it seemed to take forever! I just read all of the new rules ... it should be an interesting HUD year!

December 30, 2010 08:45 PM
Rainmaker
238,428
Matt Grohe
RE/MAX Des Moines
RE/MAX Real Estate Concepts

Richard: Just closed a cash HUD deal, paperwork in Nov 18th, closed Dec 22nd.

December 30, 2010 11:43 PM
Rainmaker
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Jim Hale
On the Move for You! - Eugene - Springfield Oregon Real Estate
ACTIONAGENTS.NET

It's really pretty straight forward, isn't it?

Happy New Year!

December 31, 2010 12:59 AM
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Jennifer Fivelsdal | Call 845-758-6842 Helping you achieve your real estate goals
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JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571

Richard your post does give a general idea of the time frame, and for those considering the purchase of a HUD home what to expect.

December 31, 2010 08:44 AM
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Richard Weisser

Richard Weisser Coweta Newnan Homes for Sale
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Additional Information

Author Bio: Richard Weisser is a Georgia real estate broker, licensed auctioneer, and has been writing about Georgia Real Estate since 1999.

Coweta Fayette Real Estate offers opinions and helpful information to consumers and real estate professionals in the Coweta County Georgia area.

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