With the basic errors one can create when purchasing homes for sale, it is amazing how much time and money can be wasted. click for more info To save yourself thousands of dollars, you check out these homes and then a plain, easily avoidable error ends up costing you all the money you saved. Don’t get snatched out. When buying HUD homes for sale, read on to find out how to stop making these costly errors.
Not getting the property inspected before you put your bid.
Homes for sale are sold “as is” so before making your bid, it is necessary to have a property inspection carried out. You’ll want to take that into account and change your bid to reflect the cost of having it repaired if the home is in need of repair. You don’t want any nasty surprises or additional expenditures to eat up the thousands you just saved on your HUD home contract.
Making it too high for your bid.
Using a sealed bidding procedure, homes are sold and the home is sold to the person who offers the highest bid. You don’t know what other people are offering, but you don’t want to bid too low, or you’re not going to get it. You really want to do your research here – check the market value for homes comparable to this home for sale, and take into account any maintenance costs that might be required to get the home to a satisfactory standard of living.
Not being informed that any of the broker’s fee will be paid by HUD.
You need to deal with a real estate broker that is HUD-approved while purchasing HUD homes for sale. In your behalf, the broker submits the deal and HUD will pay up to 6 percent of its fee if it is written into the contract, so make sure that the broker has the wording for this applied to it before you submit your contract.