For 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 neighborhood and one in the Lake Ridge neighborhood. Both need a little bit of updating but were in no worse shape than any other foreclosure in the area and better than some.
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 CJ Realty Group a call 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.