In our industry, when I speak to buyers about looking a HUD home, I often get a "look" or "why would I want to buy some nasty fixer upper?"
This is the common response, and often times it is completely unwarranted. While true that some previous owners may not have taken care of the property as well as it deserves, HUD takes great care to ensure the home is cleaned and ready for the market.
HUD is the government department responsible for helping consumers finance loans, often for low income consumers. The ever-popular FHA loan is a mainstay of the lending industry and once a homeowner goes into default and is foreclosed, the home is auctioned, and if there are no buyers of the property, the home "reverts" back to HUD.
Since HUD (and all lenders) don't like owning residential property (there's too much $$ spent on lawyers, insurance, taxes, maintenance, lawyers...you get the picture) they will hire a civilian contractor to secure the property, clean it out, renovate (where needed), inspect, prepare for the market and sell the home! In Virginia this company isSage Acquisitions and they do a fantastic job getting HUD homes to market and in the hands of new owners or investors. Sage hires listing brokers throughout the area to take care of the marketing and sale of all HUD properties under their care. As one of their brokers, EXIT Cornerstone Realty is responsible for homes within 30 miles of our office in Culpeper, VA.
HOW DO I FIND A HUD HOME?
Glad you asked. The process is really quite simple. If you are a buyer and don't have an agent, CALL US at 540-825-9898 and one of our full-time professionals will be happy to assist you. If you are merely browsing, you can go to our web site, www.exitcornerstone.com and search for any property in our MLS. Our search engine is connected directly to the MLS and you will get live updates.
Alternatively, you can go to the HUD HomeStore to find a HUD home anywhere in the United States. Click on Virginia, and further filter your search by typing in the county (Culpeper for example). The search engine will narrow down your choices to all available properties in that county. Pick a property and check out the information...click on ADDENDUMS and you will find a list of valuable information on the property...you can even read the Property Condition Report (PCR) to check out the last inspection results.
Once you're ready to go, you'll need to find a HUD Registered Agent...but I'll make it easy for you! Just call our office at 540-825-9898 and our agents can assist and submit an offer on your behalf! It's really quite simple and you'll be in great hands!
Remember, not all HUD homes are in bad shape...below is a great bargain in Luray...just go to www.hudhomestore.com and type "541-751570" in the Case # box to see more about this home.
Author:Mike Butters Phone: 540-718-6609 Dated: May 25th 2017 Views: 1,092 About Mike: Mike is one of the owners and Associate Broker of EXIT Cornerstone Realty, located in Culpeper Virgi...
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In July 2010, Mike and Ellen Butters opened the doors of EXIT Cornerstone Realty. As owners of EXIT Cornerstone Realty, Mike and Ellen focus on forming highly educated and trained agents to serve you, our valued client. Whether you're a first-time home buyer, experienced investor, or homeowner facing mortgage problems, EXIT Cornerstone's superior agents will exceed your expectations and provide you with the full-time service you expect. For more information call us at 540-825-9898.
To Buy or Not to BuyI would say as a realtor, the question I am asked
"I am writing this review regarding Dianna Banks, and Mr. and Mrs. Mike Butters/The Butters Team with Exitcornerstone realtors.
I have never worked with such a great group of professionals.
Their honesty and integrity as business professionals meant so much to me.
What the Butters Team did in less than two months, the previous real estate company I dealt with hadn't done in two years!
I highly recommend this company as great team to do business with.