HUD Homes-What Images Come To Mind?

By
Real Estate Agent with Integrity Real Estate Group

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 Integrity Real Estate Group a call at 703-346-2213.

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Show All Comments
Rainer
111,353
John Saari
Worcester, MA
"The Mortgage Buddy"

Great post Cindy there are a lot of good HUD homes out there, and depending on the coding of the property there are different programs available for finance. Remember not to go over asking price on HUD homes when using a FHA program.

May 01, 2011 12:26 PM #1
Rainmaker
292,608
Drick Ward
NEPTUNE REALTY - Virginia Beach, VA
"RealtorDrick" - Experienced Representation

Cindy, great post.  HUD homes were always a great value but they are now following the FANNIE/FREDDIE route of spraying all one solid color and throwing down the same boring beige carpet.  With the new HUD changes to lockboxes, they are trying to make the local MLS's irrelevant, don't know how well that will work for them in other markets, but I don't think it will work in my local market.  We'll see. 

May 01, 2011 12:27 PM #2
Rainer
212,898
James Loftis
Real Estate 911 Inc - Hollywood, FL
Real Estate 911 Inc

Hud homes area not  in the condition some may expect, at least not in my area.

 A lot of the home area in reasonable condition and will qualify for Fha financing.

May 01, 2011 12:28 PM #3
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Gerry Michaels
Glasswork Media Arts - Gettysburg, PA
GettysburgGerry Social Meida

Very information post, as Drick said, there is alot of info here. HUD  homes are another animal but they could be a great value

May 01, 2011 12:30 PM #4
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Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

John-HUD is looking at the net so understanding if a property qualifies for any closing cost assistance or will allow going over the asking price to roll it is in essential.

May 01, 2011 12:48 PM #5
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Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

Drick-a lot will depend on the asset manager.  Most HUD homes in my area (so far) are in the MLS as well as on the HUD Homestore site.  They have combo lockboxes and don't seem to be keyed to the standard HUD key (at least mine hasn't worked.)  The ones I looked at this week hadn't been given the Fannie/Freddie treatment.

May 01, 2011 12:50 PM #6
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Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
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James-I think the updates to the program are an attempt to make them more accessible to buyers.  They obviously don't want the inventory to linger.

May 01, 2011 12:51 PM #7
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Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

Gerry-just about anywhere you can find homes that are beyond the fixer up ability of the general public.  HUD homes run the gambit as well.

May 01, 2011 12:53 PM #8
Rainmaker
536,974
Cynthia Larsen
Safe Haven Realty - Cotati, CA
Sonoma County Real Estate Broker

Cindy - "HUD homes" unfortunately brings up a negative connotation. But they are no different than any other foreclosed home, except for how you buy one. Good plug on being a HUD approved agent!

May 01, 2011 12:58 PM #9
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Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

Cynthia-I know most people have a negative impression of HUD homes which is something HUD is working to overcome.  With the new set up with the asset managers in the regional areas it should help having more eyes on a home before it shows up in our MLS and on Homestore.

May 01, 2011 02:16 PM #10
Rainmaker
346,522
Sondra Meyer
Star View Real Estate - Colorado Springs, CO
Colorado Horse Property Specialist

Cindy, you've written a very informative post on HUD homes.  I agree with Cynthia Larsen's comment. 

May 01, 2011 03:44 PM #11
Rainmaker
1,708,767
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
CRB, CRS, CIPS, GRI, SRES, TRC, e-PRO

Cindy

Thanks for posting the information on HUD property listing.

Good luck and success.

Lou Ludwig

May 01, 2011 04:23 PM #12
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Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

Sondra-thank you for your comment.  Have a great week.

May 01, 2011 08:26 PM #13
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Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

Lou-thank you for your positive words.  Hope next week is a good one for you.

May 01, 2011 08:26 PM #14
Rainmaker
613,165
Martha Brown
Long & Foster Real Estate, Inc., Annapolis MD 21403 - Annapolis, MD
Your Homes Around Annapolis Agent

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 #15
Rainmaker
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Rob Thomas
Prestige Homes of The Tri Cities, Inc. CALL....423-341-6954 - Bristol, TN
Bristol TN-VA & Tri Cities Agent, ABR, GRI, e-Pro

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 #16
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Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

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 #17
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Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

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 #18
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Barbara-Jo Roberts Berberi & Corinna Birgit Cromartie
Charles Rutenberg Realty - Palm Harbor, FL
Palm Harbor & Dunedin FL Residential Real Estate

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 #19
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Cindy Jones

Pentagon, Fort Belvoir & Quantico Real Estate News
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