Commerce Foreclosures – Buying a HUD home
If you have been looking at foreclosed homes in Commerce Michigan you might want to know what the difference is between a HUD home and any other foreclosure? There are really no difference in the foreclosed homes itself. A HUD home is just a home that had a FHA mortgage on it. It is a foreclosed home.
So whether you buy a Commerce foreclosure or a Northville foreclosure or a Hartland Township foreclosure it is all the same if it is HUD foreclosure or any other type of foreclosure. The difference is in the bidding and paperwork process.
When you bid on a HUD home there is usually a 10 day owner occupant period. Only buyers that are going to live in the house as their primary residence can buy in this 10 day period. No investors, nor people that are looking to buy it as a second home can bid during this period. You cannot get around this. You will have to sign a paper certifying that you are going to live in the property. Also there is a large fine and jail time if you fraudulently buy a home and it is an investment property. Is it worth jail to make a little money?
When you bid on a HUD home it is done through a real estate agent online with the HUD system. Your agent will ask you for your full name, address, and social security number. This is used to verify that you have not bid on other HUD homes and that you are not trying to scam the system by buying multiple homes. We then enter your bid and see if we win. They will send out an email the following day after the close of the owner occupant period.
If nobody has put in an offer during the 10 day owner occupant period then it is opened up to investors and everybody else. It is then a daily bidding. At midnight each day the bidding closes. If somebody has bid and they accept the bid they will notify the winner the next day.
Buying a HUD home is easy. It is a level playing field for all owner occupant home buyers. If you are a first time home buyer give me a call or email me at yesmyrealtor@gmail.com I will explain the home buying process and help you find your first home.Click Here to Check Your Home’s Value
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