The Additional Expenses of Buying a HUD Foreclosure

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  1. I’m in the beginning stages of my first HUD home transaction, too, and it’s been a real pain trying to learn how to do it and get answers. I really appreciate your article here. I’ll have to write one when I finish, too.

  2. Thanks for sharing your experience on this HUD transaction; good topic.

  3. Thanks for your feedback! I wanted to share some information that I thought I would have found helpful at the beginning of my transaction so that I could have better prepared my client for the experience. I hope it helps someone else out there.

  4. Thank you for the good article, Lynn. I had my first HUD closing friday and my buyer didn’t want inspections. However, it would have been nice to let me that there would be no keys to hand her after the sale was complete. I already explained to her the importance of getting locks changed, but now I have to take time out of my day to unlock the place so the locksmith can change them.

    I asked questions on the repair escrow upfront, so that will help me answer those questions that are bound to come up on my future HUD homes. I have another HUD closing Tuesday where this became an issue. Now I know what’s ahead of me.

    The asset management company was another story. They seemed to get pleasure in giving me incorrect information. So far 2 different companies. The company Friday was really thorough and answered questions and calls. The other management company gets defensive whenever I point out incorrect information that the rep gives me.

  5. unknown

    Good article. I just purchased a hud home and yes it is true that you have to struggle a lot while purchasing hud home. The rule is you have to be super quick making decisions and don’t wait ! I might be lucky but i didn’t have to extend my closing date and i closed it within 45 days given by HUD initially. My banker, my real state agent, me and my wife were super quick and did everything righ away.

    What we learned was it’s not the process that takes longer but it’s a people whom you are dealing with. If they fast you can close your home on time