HUD Properties (Federal Department of Housing and Urban Development)
In the current housing environment, there are a number of HUD properties on the market in many areas of town. But what exactly is a HUD property and would purchasing one make sense for you? Gary and Justin Miles have years of experience working with this type of real estate transaction. A HUD property occurs when a homeowner with an FHA or VA insured mortgage is no longer able to meet the payments. The lender then forecloses on the home and is subsequently reimbursed by HUD for what is owed. HUD then becomes the property owner and is highly motivated to recover the loss on the foreclosure claim. HUD then tries to sell the property at market value as quickly as possible.
Gary and Justin Miles have over 45 years of combined experience with HUD sales. They are thoroughly familiar with the ins and outs of the HUD purchasing process including contracting regulations, bidding procedures, and price evaluations.
It is important to work with qualified real estate agents like the Miles when considering a HUD home because an agent must submit your bid for you. Normally, HUD homes are sold in an “Offer Period.” At the end of the Offer Period, all offers are opened and, basically, the highest reasonable bid is accepted. If the home isn’t sold in the initial Offer Period, Gary and Justin will continue to submit a bid until the home is sold. If your bid is acceptable to HUD, the Miles will help you successfully complete the transaction. In addition they will help you find the best financing for your particular needs, and recommend other strategic partners to help complete the transaction including law firms, accountants, property inspectors, etc.
Gary Miles & Justin Miles with RE/MAX of Cherry Creek
Denver Metro Real Estate Agents