HUD Properties - Baton Rouge Real Estate
David Engle, owner of Engle Realty, is a HUD Certified Real Estate Broker for the state of Louisiana. Not all brokers are HUD certified. Only certified brokers are able to access HUD homes and submit purchase agreements on HUD houses. Below you will find information on HUD properties, how to locate them, and how to buy them.
Real Estate Questions about HUD Properties:
How does a house become a HUD house?
Real Estate Questions & Answers About HUD Properties:
A HUD home is basically a house that was insured by the Federal Housing Administration (FHA) where the owner was unable to pay the bank.
How does a house become a HUD house?
A house becomes a HUD house when the bank who originally financed a HUD-insured property forecloses on that house. HUD pays the bank the remainder of the loan and in return receives the property. The property is then sold to get back some or all of the money that HUD gave the bank.
HUD stands for "The U.S. Department of Housing and Urban Development"
HUD is a governmental group whose mission is to increase ownership among all citizens as well as support community development.
You can contact Engle Realty to see a HUD home. You can also go search for HUD properties.
Yes, anyone can buy a HUD home. HUD prefers buyers who will use the property as their primary residence since their mission is to increase home ownership. So, what HUD does is give these buyers who will use the property as their main residence a 10-day period of time to submit their offers before investors and other non-owner occupants can submit there offer. This system increases the likelihood of a homeowner that is buying a house to live in will get the property, thus is HUD's mission.
In order to buy a HUD home you'll need to find a broker, like Engle Realty, that is registered to sell HUD homes. HUD will not accept offers from non-registered brokers. Once you find a HUD-certified broker, contact the broker to see how you can go about submitting an offer to HUD. There are specific details to note that your broker will be able to discuss with you, however the process is pretty simple. A few important notes to remember is:
1) All HUD homes are sold AS-IS where is.
2) Expect to wait 2 days to hear back about your offer. HUD takes longer to respond than a regular house sale would take.
For more information go to Housing and Urban Development (HUD) Website.
Call 225-937-4003 to check the status of any HUD home, to see a HUD home, or to submit your bid on a HUD home.
