Phoenix, Arizona
HUD Home Buyer's Guide, cont.
Phoenix HUD
homes can be a great investment for potential home owners and real
estate investors. Often times, the properties can be
purchased at a significantly reduced market value.
As
a potential Phoenix HUD home buyer, remember the following:
- You
must use the services of a HUD registered real estate broker,
such as Sun National Real Estate, 602-993-7509
- You
must be pre-approved for a mortgage or show evidence of
adequate cash reserves to purchase the home.
Click here to become qualified.
- Owner-occupied
bidders receive the first priority to purchase Phoenix HUD homes
- HUD
offers three types of properties in Phoenix: FHA insurable homes,
FHA insurable homes with a repair escrow and homes hat are not
insurable with an FHA loan.
- You
do not have to finance a Phoenix HUD home with an FHA loan
-
Phoenix HUD
homes are sold "as-is"
- Before
making a bid on a Phoenix HUD home, you must provide your HUD
registered real estate broker with the appropriate earnest
money in the form of a cashiers check or money
order.
- If
the purchase price is $49,999 or less, the amount of the
earnest money required is $500. If the purchase price is
$50,000 or greater, the amount is $1,000.
- The
earnest money check should be made payable to the "US Dept of
HUD" and the buyer.
You
can obtain a list of Arizona HUD homes currently for sale by
clicking here. If you need a HUD registered real estate
broker, click here.
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