HUD Homes

I have only heard horror stories about the new HUD home procedures.  What are your tips and success stories?
  • August 24 2011 - Westminster
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Answers (10)

What procedures are you referring to?
  • August 24 2011
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And what are the horror stories? There isn't a huge quantity of quality HUD homes in my area, so I haven't needed to show their homes.

I'd like some more reasons to avoid HUD listings.
  • August 24 2011
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Profile picture for Nick Zappa
You must have an enormous amount of perserverance and be ready for bizarre challenges.
  • August 24 2011
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I have had great successes with HUDs. You have to know what to look for on the HUD homesites, once you know what you are looking for, you watch out for certain things and then go see them in person, verify it's significance to the sale a n bid accordingly. It is really being able to know what to look for. Contact me through the zillow site and I can explain in detail. I love HUDs, they are the most interesting deals going!!
  • August 24 2011
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I'm going through one , at this moment. Buyer , simple cash deal , accepted contract , title insurance commitment letter (21 days ago).  No closing date. Now I have to have the buyer pay for an extension , and it's not his fault.  Imagine trying to teel that to the buyer.
  • August 24 2011
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Profile picture for amace66

We are in the process of purchasing a HUD home and have had to pay for three extensions because of led based paint issues and were required to change our financing so now we have to pay for it instead of HUD.  It has been a six month process and we still do not have a closing date.  If we don't close then we lose our earnest money and all of the money we have had to pay for extensions.  My suggestion is to never purchase a HUD home.  Our realestate agent has said that she will never deal with another HUD house again.  After going through this mess I wish we had never even gone and looked at this house.

  • November 21 2011
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Profile picture for user6490014
We are going through the same type of nightmare.  Even though we had a closing date, HUD keeps screwing something up with the paperwork and WE have to pay for extensions!!  If I knew all of this in advance, I would have never even looked at HUD homes.  I guess that is the cost of dealing with the government.  UNBELIEVABLE! 
  • August 07 2013
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Profile picture for elsanto2158
That happen to me won bid execute contract, closing date feb 23, 2015, listed fha insured, par appraisal , utilitys, inspector, give notice to my landlord that I will move from apt 30 days notice, he has a new tenant for march 1st, the hud drop the bomb feb 10 20015 the lead paint inspection, came for 21000 dls remediation try to negotiate the price, they refused, I ask if I can take my own contractor for the paint lead, they refused, I can not change from fha, to 203k due to my debt ratio, credit 635, I can not go conventional, end of history waste of time, money and in 2 weeks I need to find a place to live
  • February 18
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Profile picture for elsanto2158
Also my lawyer get piss of saying why hud did not disclose the lead paint problem before, now I hope my lawyer did not charge for the title inspection, my recommendation is to ask hud after the contract is executed, to do the lead paint inspection, before you loost time and money
  • February 18
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Currently in the process of helping a buyer with a HUD home, and will never ever do it again.  Nothing but issues.  Property listed IE, and initial inspection report from HUD stated the only repairs were flooring and Wallpaper.  Water  and everything else passed with no issues.  Well, go to turn on water and de-winterize, but find that the valve leaks bad...property management agrees to fix it, but then states there are a few leaks and it doesn't pass air pressure test.  Again, property management agrees to fix but comes back and says there are many more leaks and oh...now the heater conveniently stopped working!  Are you kidding?  So now the property is AS-Is and they will do no further repairs, needless to say my buyer was going USDA loan due to minimal repair requirements and lack of down payment funds.  Cannot even get to the lender inspection because cannot get water on, but I am afraid what else might be found should we ever get there.  Oh and did I mention the property management company delayed things so much that we already had to file for an extension and haven't even gotten an appraisal/inspection yet?  HUD's preliminary inspection process is a joke as far as I can see, and even if you try to inspect before....it would have taken far longer than than the bid window and it wouldn't have gotten done anyway.  Unless you have a cash buyer who is handy and unconcerned with additional issues, or you are a sucker for punishment, I do not recommend trying to purchase one of these homes.
  • February 28
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