What is a HUD Home?
A HUD home is a 1-to-4 unit residential property acquired by the Department of Housing and Urban Development (HUD) as a result of a foreclosure action on an FHA-insured mortgage. HUD becomes the property owner and offers it for sale to recover the loss on the foreclosure claim.
If you're thinking about buying a HUD home in Tooele, Stansbury Park, Grantsville or anywhere in Tooele County you need to know the rules and your rights. You must use a a HUD-registered real estate in Utah that knows how to deal with the banks, HUD and all the detailed contracts. Buying a HUD home in Tooele County is not as cut and dry as a traditional sale but they can be very lucrative.
Tips when buying HUD homes in Tooele County
Realize there may be more work than you can see on the surface
As with any purchase having an inspection is important and even more so when buying a HUD home. You will want to make sure to have a professional report on every detail of the home, internally and externally. Flipping HUD homes may be profitable but you must weigh the costs. Many times HUD homes are very run-down and will require repair before actually occupying the space. If you are a contractor have knowledge in repair, buying a HUD home may be exactly what you're looking for. Investing in Tooele County HUD homes can be a very good return on your money.
While Banks and FHA-loan holders typically will not correct any damage or conduct any repair for the HUD home you will know what you're in for and how much things will cost to restore.
Can anyone buy a HUD home?
Pretty much. There are certain rules that apply just as with any home purchase. Those that are buying the home as their primary residence are initially presented to first. This gives a chance to those that need a home for themselves rather than a big-spending investor with cash. This is great news for first time home buyers as they can be first in line on a great deal.
Check the local programs, grants and down-payment assistance programs first
You might be surprised at what you can qualify for in HUD programs. As your HUD-registered real estate agent I can assist you in the right program, financial assistance option or down-payment plan that's right for you.
Don't only trust online real estate searches.
By looking online for HUD homes in Tooele and surrounding areas you may be missing the bigger picture. As an experienced HUD-registered agent I know which neighborhoods will benefit more from buying or selling a HUD home. Certain communities in the Tooele real estate market are growing faster than others and the profit margin in these neighborhoods may be higher. Knowing the area, the market and the communities better allows you to make a more informed decision on buying a HUD home in Tooele County.
We are your expert for all Tooele real estate and Tooele Utah homes for sale. Start your online search here for Tooele mls listings. We can show you and sell you any Tooele Utah real estate for sale regardless of whose name is on the sign. We also service the entire Stansbury Park Real Estate market, Grantsville, Stockton and Rush Valley. We can help you list and sell Tooele homes and Tooele condos quickly and efficiently. We look foward to meeting you!