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

Posted by

Albuquerque Homes and Lifestyle Blog

 John McCormack Agent Photo

 

 

Photobucket

www.AlbuquerqueHomes.com

********************************************************************************

John McCormack    Owner/Managing Broker,  e-PRO

505-980-4576 / John@AlbuquerqueHomes.com

Search Albuquerque Homes For SaleSearch Albuquerque Homes & Lifestlye

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.

 

Come On Back and Visit My

Keys to Blog

Button to Subscribe to Albuquerque Homes and Lifestyle Blog

Google Me John McCormack Albuquerque

QR Code to AlbuqurqueHomes.com

Come Join Me On Facebook  

RSS Feed to Albuqueruqe Homes and Lifestyle Blog

 

Lets Connect on Linkedin

 

 

Albuquerque Homes and Lifestyles on YouTube

 
close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Home Buying
Location:
New Mexico
Groups:
HyperLocal Neighborhood and Community Posts
The Lounge at Active Rain
Realtors®
Posts to Localism
Active Rain Newbies
Tags:
new mexico
real estate
homes
hud

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
1,157,429
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

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

Aug 27, 2012 07:18 AM #22
Rainer
23,159
Ty Carey
Our Father's Houses Realty - Easley, SC

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

Aug 27, 2012 07:19 AM #23
Rainmaker
235,820
Doug Dawes
Coldwell Banker Residential Brokerage - Georgetown, MA
Your Personal Realtor

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

Aug 27, 2012 07:46 AM #24
Rainmaker
1,535,042
Joan Cox
Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

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!

Aug 27, 2012 07:53 AM #25
Rainmaker
821,172
Jon Kolsky
Kolsky Group/Spellens Realty - Long Beach, CA
REALTOR® Long Beach, CA

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...

 

Aug 27, 2012 08:33 AM #26
Rainer
135,385
Jon Eliason ~ Independent ~ REALTOR®
Independent Broker Pagosa Springs, Colorado - Pagosa Springs, CO
Jon Eliason

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.   :)

Aug 27, 2012 09:03 AM #27
Rainmaker
225,016
Pamela Smith
Long Realty West Valley - Sun City West, AZ
Sun City West, Corte Bella, Sun City Grand

John,

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

Aug 27, 2012 09:57 AM #28
Rainmaker
682,006
Laura Allen, Lake Tahoe - Truckee Real Estate for Sale www.TahoeLauraLuxuryHomes.com
Coldwell Banker, Tahoe City, CA (530) 414-1260 - Tahoe City, CA
Tahoe Real Estate Agent Helping Buyers and Sellers

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

Aug 27, 2012 01:32 PM #29
Ambassador
2,036,364
Todd Clark
Keller Williams Realty - Beaverton, OR
Broker - Beaverton, Oregon Real Estate Expert - (503) 524-9494

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.

Aug 27, 2012 04:42 PM #30
Rainmaker
1,052,089
Nick T Pappas
Assoc. Broker/Broker ABR, SFR, e-Pro, @Homes Realty Group, Huntsville AL - Huntsville, AL
Madison & Huntsville Alabama Real Estate Resource
John, outstanding first of the series describing the purchase process of HUD properties...I'll be back for the second installment...suggested!
Aug 27, 2012 06:47 PM #31
Rainer
180,085
Tatyana Makarov
Coldwell Banker Residential Brokerage - South Windsor, CT
Your Greater Hartford Area Realtor

Great, very educational post, John.

I am sure any buyer will appreciate your help.

Have a great week.

Aug 27, 2012 07:36 PM #32
Rainmaker
484,895
Andrea Bedard
Thompson Company, REALTORS - Silver Spring, MD
M.A.; REALTOR Silver Spring, MD and beyond

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.

Aug 27, 2012 08:07 PM #33
Ambassador
1,323,860
William Johnson
RE/MAX Associates - San Diego, CA
San Diego Real Estate Voice, GRI CRS e-Pro CDPE
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.
Aug 27, 2012 09:38 PM #34
Ambassador
1,319,888
Toni Weidman
Re/Max Sunset Realty - Trinity, FL
23 Years Selling Homes in New Port Richey, FL

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

Aug 28, 2012 04:54 AM #35
Rainmaker
1,477,481
Rebecca Gaujot, the GO TO REALTOR
Coldwell Banker Stuart & Watts Real Estate - Lewisburg, WV
Lewisburg WV Real Estate, Greenbrier County

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

Aug 28, 2012 09:08 AM #36
Rainmaker
423,784
Nancy Laswick
REALTY ONE GROUP - Phoenix, AZ
Your Phoenix/Scottsdale REALTOR®

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

Aug 28, 2012 12:25 PM #37
Rainmaker
534,488
Morgan Evans
Douglas Elliman Real Estate - Manhattan, NY
LICENSED REAL ESTATE SALESPERSON

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.

Aug 28, 2012 06:19 PM #38
Rainmaker
494,252
C. Lloyd McKenzie
Prudential Allstar Realtors - Albuquerque, NM
MBA - 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

Aug 28, 2012 09:31 PM #39
Ambassador
933,913
John McCormack
Albuquerque Homes Realty * www.AlbuquerqueHomes.com - Albuquerque, NM
AlbuquerqueHomes.com, Albuquerque Homes Realty

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

 

Aug 28, 2012 10:01 PM #40
Rainmaker
285,497
Kasey & John Boles - Jon Gosche Real Estate
Jon Gosche Real Estate, Boise ID - Boise, ID
Boise, Meridian, Ada/Canyon/Gem/Boise Counties

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

Sep 03, 2012 10:18 PM #41
Post a Comment
Spam prevention
Show All Comments
Ambassador
933,913

John McCormack

AlbuquerqueHomes.com, Albuquerque Homes Realty
Ask me a question
*
*
*
Spam prevention

Additional Information