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Looking to purchase a home for a good price?
You've made a good decision to consider HUD/VA properties. Because they
have been foreclosed, the government is eager to sell them, and they
are often available at less than full-market value.
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Questions for
deciding if a HUD home or VA home is right for you:
- Are you comfortable with home repairs?
- HUD and VA homes are sometimes not in the
best conditions when they are reposessed. You should get a full home
inspection before you buy, so you are prepared for any needed repairs
to the home.
- Are you prequalified with a mortgage broker or
lender?
- These kinds of properties sell quickly. If
you make an offer and are not prequalified for a loan, the seller may
decide to accept an offer from another party that already has approval.
- Are you willing to spend a great deal of time
searching?
- You probably won't find the home of your
dreams overnight. In some areas of the U.S. you will search for quite a
while before finding the right government-owned property. This
may be a problem if you need to move or relocate quickly.
If you answered "no" to any of the questions above, you may want to
rethink your strategy of buying a HUD or VA home.
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