HUD Homes-What Images Come To Mind?

By
Real Estate Broker with CJ Realty Group, Inc.

Winding Creek Estates Family RoomFor many the idea of a HUD Home brings to mind the image of a home that is completely run down and perhaps in a less than desirable section of town.  The realty is that Northern Virginia HUD homes come in all sizes, styles, condition and neighborhoods, the same as any other home for sale in the area.

I tour Northern Virginia HUD homes on a regular basis and many of the homes are in nice condition, not perfect but they are priced competitively for the neighborhoods where they are located.   HUD does allow and encourage inspections of their listings and for properties where repairs are obvious they offer a repair credit based on their estimates of the work to be done.

This week I toured two properties in Prince William County, one in the Winding Creek Estates and one in Lake Ridge.  The property in Winding Creek Estates is a 3 level Colonial with 3 Bedrooms and 2.5 Baths.  it has a nice gas fireplace with marble surround in the family room which opened to the kitchen with island.  The master bedroom has a full bath and the underground basement has a finished recreation room.  The home needs a little TLC but at the price of $302,000 there is room to make the improvements needed. 
Winding Creek Estates Kitchen
The second property in Lake Ridge is priced at $99,000 and is a two level condo in the Antietam Wood section of Lake Ridge.  It has 3 Bedrooms and 1.5 baths and does need a stove and fridge.  Both homes are in communities that offer summer swimming and plenty of community activities to participate in.  They are both in areas close to shopping and public transportation.

What is different about buying a HUD home than another listing in the MLS?  First the agent you are working with must be a HUD approved agent.  This means they must have a NAID registration number and be registered in the HUD database.   The next difference is that your bid is placed on line and not through the listing agent.  You must at the time your bid is entered into the bid database have completed the HUD purchase contract and have certified funds for 1% of your purchase price in hand.  If your offer is accepted the original contract and EMD must be sent to the HUD Asset Manager within 48 hours.

If you are interested in learning more about the HUD home purchase process give Cindy Jones and CJ Realty Group a call at 703-346-2213 to discuss the HUD home buying process in more detail.  As a registered HUD Broker we would be glad to assist you in making a bid on a HUD property in Northern Virginia.

View current HUD Listings in Prince William County VA

View current HUD Listings in Fairfax County VA

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If you are interested in learning more about the Northern Virginia Real Estate market including Alexandria, Arlington, Fairfax and Prince William Counties give Cindy Jones and CJ Realty Group,  a call at 703-346-2213. 

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Topic:
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31 days of may

Comments 19 New Comment

Rainmaker
583,310
Martha Brown
Your Homes Around Annapolis Agent
Long & Foster Real Estate, Inc., Annapolis MD 21403

Just sold a HUD home last month. It is actually a simple process. The one thing I did different from what you talk about is I did not have the Buyer get a certified check made out to HUD UNTIL we were accepted. Other than that all was very easy and moved along nicely. It was actually one of the easier sales I have done lately. :0)

May 01, 2011 09:48 PM
Rainmaker
990,613
Rob Thomas
Bristol TN-VA & Tri Cities Agent, ABR, GRI, e-Pro
Prestige Homes of The Tri Cities, Inc. CALL....423-341-6954

Cindy.....great post....the only ones I've been in are the ones you talk about being run down......I knew there had to be some nice ones out there somewhere......Thanks!
Hope you have a great day!!---Rob

May 02, 2011 06:24 AM
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Cindy Jones
Pentagon, Fort Belvoir & Quantico Real Estate News
CJ Realty Group, Inc.

Martha-I'm sure you did it right.  HUD wants the funds in their hands 48 hours after accepatnce so I have my clients go ahead and get the funds but as long as they can get them in time then it can work to have them wait.

May 02, 2011 07:33 AM
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Cindy Jones
Pentagon, Fort Belvoir & Quantico Real Estate News
CJ Realty Group, Inc.

Rob-certainly there are those that need a contractor but we also have some that are great opportunities for the average buyer.

May 02, 2011 07:37 AM
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1,654,132
Barbara-Jo Roberts Berberi
Palm Harbor Florida Residential Real Estate
Charles Rutenberg Realty

Cindy - that first sentence in your post says exactly what HUD homes used to mean but you are correct, that is not necessarily the case today! Great post!

May 04, 2011 09:08 AM
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Cindy Jones

Pentagon, Fort Belvoir & Quantico Real Estate News
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