We are pleased to announce that we now have the “old” and “new” HUD keys which allow us to show our clients HUD homes for sale in Dallas, TX and throughout the DFW Metroplex. The United States Department of Housing and Urban Development (HUD) oversees the Federal Housing Administration (FHA). The FHA provides federal insurance against default on home mortgages. When a mortgagee forecloses or accepts a deed in lieu of foreclosure, they file a claim with the FHA for the outstanding mortgage balance and transfer title to HUD. It then becomes a “HUD Owned” property.
HUD homes in Dallas, TX and surrounding cities represent some of the best deals that can be found on single family homes. HUD homes are sold by electronic bid. As a licensed broker who is registered with HUD with an active NAID number, we can place bids on behalf of buyers. However, offers must include a pre-qualification letter from the buyer’s mortgage lender stating that a credit check has been performed and that the buyer(s) qualify for the amount of the proposed loan. Buyers paying in cash must submit proof of available funds to close.
Agents looking to sell HUD homes in Texas can call 469-446-8971 for more information. Training is available for agents needing additional information regarding selling HUD homes in Dallas, TX and surrounding areas. Seminars for those buyers interested in purchasing a HUD home in Dallas, TX are also held each month. Please call 469-446-8971 for more information.
FHA is often the best choice for obtaining financing for the purchase of a HUD home. The FHA 203(b) or 203(k) loan may be used depending upon the condition of the house. Although mortgage rates for 15 and 30 year terms are slightly higher than conventional loans, the down payment required can be a little as 3.5%. As long as a buyer’s income, credit score, and availability of cash to close can all be documented and verified, obtaining approval is virtually a non-issue.
The HUD Bidding Process
Electronic bids are placed through www.hudhomestore.com. During the first initial bidding process, priority will be given to those bids associated with owner-occupants. All bids that are received during this period are evaluated as if they were placed simultaneously. During the next 20 days, bids are evaluated daily with no preference to owner-occupants, investors, or other entities. After 30 days, if no acceptable bids are received, the property may be re-listed for a lower price. The first 5 days following a re-listing, owner-occupants will be given priority. Following that period, daily bids will be evaluated with no preference to the bidder type.