How to Buy a HUD Home in New Mexico (a series)

By
Real Estate Broker/Owner with Albuquerque Homes Realty * www.AlbuquerqueHomes.com
http://actvra.in/GTk

How to Buy a HUD Home in New Mexico is a series designed to educate future home buyers to the intricacies of purchasing a New Mexico HUD owned home.  

How to Buy a HUD Home in New MexicoMany of todays savvy home buyers are considering the different opportunities available from Short Sales, Bank Owned Homes (Foreclosures) and the like.  One of those options is HUD homes.  A HUD (Housing and Urban Development) home simply means a home that has gone through the foreclosure process on an FHA insured mortgage and is now owned by the US federal government or HUD.

Buyers need to understand the that all real estate transactions are not created equal and todays buyer needs to be familiar with the complexities and differences in each.  Often times these differences may dictate the type of loan you can acquire, who pays certain closing cost or if there is a home warranty as an example.  Here are the first four key components of How to Buy a HUD Home in New Mexico.

  • Get Prequalified FIRST.  There is no point in attempting a bid on a HUD owned property if you are not either pre-qualified with a supporting letter from your lender or you have proof of funds for a cash purchase. HUD will not consider offers without this!

 

  • Hire a New Mexico Realtor that has been certified by HUD to handle a New Mexico HUD Home transaction.  The agent must have a current NAID number to act on your behalf.  You MUST have an agent representing you.  A small percentage of New Mexico agents/Realtors have the necessary NAID.  I am one of those few.

 

 

  • HUD typically makes its initial offerings to Owner Occupants not investors.  Having knowledge of this helps you as a buyer in not being concerned with investor bidding.  If a property has not sold after some undetermined time-line by HUD they may elect to then make the home available to investor type buyers. 

There is plenty more to learn about how to buy a HUD home here in New Mexico so come back for part 2 of the series where I will discuss the bidding process, appraised values and inspections.

Here is the full unbroken series at AlbuquerqueHomes.com on How to Buy A HUD Home in New Mexico.

Part 2 How to Buy a HUD Home in New Mexico

Part 3 How to Buy a HUD Home in New Mexico

Part 4 How to Buy a HUD Home in New Mexico

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John McCormack    Owner/Managing Broker,  e-PRO

505-980-4576 / John@AlbuquerqueHomes.com

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If your considering Buying, Selling or Relocating  to Albuquerque or Rio Rancho, NM and need a Professional Realtor It would be my pleasure to help you!

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Rainmaker
1,050,822
Scott Godzyk
One of Manchester NH's Leading Agents
Godzyk Real Estate Services

Good Morning John, Very nice instructions on how to buy a HUD home. Have a great Monday.

August 27, 2012 07:18 AM
Rainer
23,159
Ty Carey
Our Father's Houses Realty

Good Morning, What a great article! I want to write simular article in SC. Great idea for a Monday morning. Thanks,

August 27, 2012 07:19 AM
Rainmaker
221,655
Doug Dawes
Your Personal Realtor
Coldwell Banker Residential Brokerage

Thanks for this post John. HUD homes are a viable way to purchase Real Estate and you are right when you write "Buyers need to understand the that all real estate transactions are not created equal and todays buyer needs to be familiar with the complexities and differences in each.  Often times these differences may dictate the type of loan you can acquire, who pays certain closing cost or if there is a home warranty as an example"

Good post

August 27, 2012 07:46 AM
Rainmaker
1,375,404
Joan Cox
Denver Real Estate - Selling One Home at a Time
Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373

John, buying a HUD home has become a bit more cumbersome now on our part, but buyers are still able to get a deal with HUD!   Great post on the process!

August 27, 2012 07:53 AM
Rainmaker
742,732
Jon Kolsky
REALTOR® Long Beach, CA
Kolsky Group/Spellens Realty

Currently I work with a church that helps needy families secure & own HUD homes, the concept of homes made affordable is a great concept. Just like the families need assistance from the church, individuals need help acquiring HUD homes, and you are the perfect person to provide it. Between information and service, you-da man...

 

August 27, 2012 08:33 AM
Rainer
135,285
Jon Eliason ~ Independent ~ REALTOR®
Jon Eliason
Independent Broker Pagosa Springs, Colorado

John ~ You ROCK! Having an Agent in New Mexico that has his ducks in row is definitely beneficial to the HUD home buyers and they couldn't have a better Realtor®, like you, on their side.   :)

August 27, 2012 09:03 AM
Rainmaker
220,174
Pamela Smith
Sun City West, Corte Bella, Sun City Grand
Long Realty West Valley

John,

Great information, once again.  You always do your best for your clients.

August 27, 2012 09:57 AM
Rainmaker
638,310
Laura Allen, Lake Tahoe - Truckee Real Estate for Sale www.TahoeLauraLuxuryHomes.com
Tahoe Real Estate Agent Helping Buyers and Sellers
Coldwell Banker, Tahoe City, CA (530) 414-1260

John - Great information for any buyer that is looking to buy a HUD home and get a great deal!

August 27, 2012 01:32 PM
Ambassador
2,032,214
Todd Clark
Broker - Beaverton, Oregon Real Estate Expert - (503) 524-9494
Keller Williams Realty

As a buyer i t is important to work with an experienced HUD agent as unlike a lot of homes, HUD homes require special contracts and have to be signed up with HUD. I've seen many buyers lose out on HUD homes because they went with an agent that had never done one before.

August 27, 2012 04:42 PM
Rainmaker
982,039
Nick T Pappas
Madison & Huntsville Alabama Real Estate Resource
Assoc. Broker/Broker ABR, SFR, e-Pro, @Homes Realty Group, Huntsville AL
John, outstanding first of the series describing the purchase process of HUD properties...I'll be back for the second installment...suggested!
August 27, 2012 06:47 PM
Rainer
180,045
Tatyana Makarov
Your Greater Hartford Area Realtor
Coldwell Banker Residential Brokerage

Great, very educational post, John.

I am sure any buyer will appreciate your help.

Have a great week.

August 27, 2012 07:36 PM
Rainmaker
450,918
Andrea Bedard
M.A.; REALTOR Silver Spring, MD and beyond
Thompson Company Realtors

Hi John, how has this not been featured yet? This is some great info for any Albuquerque home buyer interested in purchasing a HUD home. It's important that they work with a knowledgeable and HUD certified agent - I hope they choose YOU.

August 27, 2012 08:07 PM
Ambassador
1,266,638
William Johnson
San Diego Real Estate Voice, GRI CRS e-Pro CDPE
RE/MAX Associates
Hi John, This is an excellent series and I am also suggesting this one as the series is excellent advise for anyone, anywhere looking to Buy a HUD home.
August 27, 2012 09:38 PM
Ambassador
1,242,484
Toni Weidman
23 Years Selling Homes in New Port Richey, FL
Re/Max Sunset Realty

HUD homes are usually excellent buys, John. Great idea for a series and good job. Suggested.

August 28, 2012 04:54 AM
Rainmaker
1,372,502
Rebecca Gaujot, Realtor®
Lewisburg WV Real Estate, Greenbrier County
Coldwell Banker Stuart & Watts Real Estate

John, I don't have a NAID number, but there is one Realtor in our office that does and handles HUD homes.

August 28, 2012 09:08 AM
Rainmaker
394,228
Nancy Laswick
Your Phoenix/Scottsdale REALTOR®
REALTY ONE GROUP

John, this is going to be an excellent series. There are still some great deals available with HUD homes. Suggested.

August 28, 2012 12:25 PM
Rainmaker
533,161
Morgan Evans
LICENSED REAL ESTATE SALESPERSON
Douglas Elliman Real Estate

This is a great tutorial as I'm positive there are many buyers looking to find out how to buy a hud home in new mexico.

August 28, 2012 06:19 PM
Rainmaker
494,150
C. Lloyd McKenzie
MBA - Prudential Allstar Realtors -
Prudential Allstar Realtors

HUD Homes provide a opportunities for both regular homebuyers and investors. Having said that I think the recent changes were a step in the wrong direction.  HUD should move toward simplifying the process not making it more cumbersome

August 28, 2012 09:31 PM
Ambassador
829,330
John McCormack
AlbuquerqueHomes.com
Albuquerque Homes Realty * www.AlbuquerqueHomes.com

Thanks to each of you for your support and input on this first post of a  series on How to Buy a HUD Home in New Mexico.  I hope you will find this real estate series helpful.  

If you’re considering the purchase of a HUD home in the Albuquerque or Rio Rancho New Mexico areas I hope you contact me.  Let’s talk.  I look forward to  assisting you in purchasing your New Mexico HUD home.

How to Buy a HUD Home in New Mexico, albuquerque, rio rancho, nm, john mccormack, mccormick, albuquerque homes realty, realtor

 

August 28, 2012 10:01 PM
Rainmaker
275,750
Kasey & John Boles - Jon Gosche Real Estate
Boise, Meridian, Ada/Canyon/Gem/Boise Counties
Jon Gosche Real Estate, Boise ID

HUD transactions are such a different beast.  It is definitely important to have an agent who knows what he/she is doing.  John is that man in New Mexico!  This series is great. -Kasey

September 03, 2012 10:18 PM
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