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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Albuquerque Homes and Lifestyle Blog

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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!

Be sure to visit my AlbuquerqueHomes.com website for total access to all available homes in the following New Mexico communities:  Albuquerque, Rio Rancho, Los Ranchos, Placitas, Bernalillo, Tijeras, Sandia Park, Cedar Crest, Bosque Farms, Los Lunas & Belen.

 

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Topic:
Home Buying
Location:
New Mexico
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Rainmaker
376,038
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
526,836
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
494,130
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
780,207
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
268,182
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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Additional Information

John McCormack is the Owner/Broker-Realtor® at Albuquerque Homes Realty. Serving Albuquerque and Rio Rancho home buyers and sellers since 2000.