Frequently Asked Questions on Buying a  HUD Home


HUD sells properties at reduced prices that you might want to buy!

Question: What is a "HUD Home"?
Answer: When someone with a HUD insured mortgage can't meet the payments, the lender forecloses on the home; HUD pays the lender what is owed; and HUD takes ownership of the home. Then HUD sell it at market value as quickly as possible.

Question: Who can buy a HUD home?
Answer: Anyone! If you have the cash or can qualify for a mortgage, you can buy a HUD home.

Question: Are HUD Homes meant for people with low incomes?
Answer: HUD homes range in price, but most are affordable for low- and moderate-income Americans.

Question: Is it true I can get a HUD Home for a dollar?
Answer: No. HUD sells homes at market value - that means that the price is set based on the price of similar homes sold in the area.

Question: If the HUD Home needs repairs, will HUD make them?
Answer: HUD Homes are sold "as-is," without warranty. That means that HUD will not pay to correct any problems. But even if a HUD Home needs fixing up - and not all of them do - it can be a real bargain! For example, HUD's asking price on the home will reflect the fact that the buyer will have to invest money to make improvements.

HUD might offer special incentives such as an allowance to upgrade the property, a moving expense allowance, or a bonus for closing the sale early. And keep in mind that on most sales, the buyer can request HUD to pay all or a portion of the financing and closing costs. We encourage you to get the home professionally inspected after your bid has been acknowledged on the web site.

Qestion: How do I buy a HUD home?
Answer: Start by contacting a HUD-certified real estate agent. International Realty Plus, Realtors, is a HUD-certified broker.  Robin Hauck, the broker, must submit your bid for you, either by telephone or internet.

Normally, HUD Homes are sold in an "Offer Period." At the end of the Offer Period, all offers are opened and, basically, the highest bid is accepted. If the home isn't sold in the initial Offer Period, you can submit a bid any business day.

Question: If my bid is accepted, then what happens?
Answer: Your real estate agent will help you through the paperwork process. You'll be given a settlement date, normally within 30-60 days, where the transaction will occur. HUD has an excellent booklet to help you understand the settlement process: "Buying Your Home - Settlement Costs and Helpful Information."

When you buy a HUD Home, the selling agent's commissions are usually paid by HUD. There is no fee charged to the buyer. As with all real estate transactions, there are closing costs (Settlement costs) that must be paid at closing by the buyer.

Question: How can I find out what HUD Homes are for sale?
Answer: Right here!  Call (800) 488-7388 or email to HUDhomes@irptexashomes.com and just tell us what sort of home you are looking for and what city or area of Texas you are interested in.  We'll send you the addresses, asking price, and other details about all the homes that meet your criteria.  Yes, it's that simple.  Just call (800) 488-7388 or send an email to HUDhomes@irptexashomes.com to check on homes that might be available.  Since the address and price will be provided, you can drive by the homes that interest you.  When you see one that interests you, contact Robin Hauck, your Certified HUD Broker.  He has the keys to all HUD properties, and he, or one of his licensed real estate agents, can help you with any home anywhere in Texas or other states as well.

Question: How can I get a loan to buy a HUD Home?
Answer: HUD doesn't make loans directly. But they do have a number of mortgage insurance programs that could help you buy a home. You can read about those programs here. Then contact Robin Hauck, Broker, who will take you through the steps and help make the loan through Texas Mortgage Company.  You can apply for a loan on line at http://Texasmc.com .  Some people think that HUD properties must be purchased for cash only, but the fact is most homes we sell are financed with one of Texas Mortgage's 100% (NO DOWN PAYMENT) home loans and with most closing costs paid!

Question: Can I buy a HUD Home as an investment?
Answer: Most HUD Homes are initially offered on a priority basis to owner occupant purchasers (people who are buying the home as their primary residence). Following the priority period, unsold properties are then available to all buyers, including investors.

Question: Is there anything else I should know about HUD Homes?
Answer: HUD encourages every homebuyer and homeowner to be a wise consumer, so be sure to read HUD's Consumer Information. Houses built before 1977 may have lead based paint, which can cause harm to your family; so be sure to read about this hazard and about what you would need to do to correct it.

Attention: Nonprofits and Government Agencies!
HUD has a special sales program under which approved nonprofit organizations and government agencies may purchase properties at discounted prices for use in local housing or homeless programs. 

International Realty Plus, Realtors, is a Certified HUD Brokerage.  We are experienced in helping families buy HUD homes.  Contact us direct at (800) 488 7388 or send an email to HUDhomes@irptexashomes.com for access to any HUD home anywhere in Texas.  We have the keys to every HUD home in Texas.  We'll give you the addresses and details of available HUD homes in Central Texas.  Feel free to drive by these properties.  They are all vacant, so it is OK to stop and look around the property. Then, if you have an interest in any of these homes, call us for more details or to make an appointment to see the inside of any of these homes. 

Again, call us at (800) 488-7388 for more information about these homes, procedures to make an offer, and information about financing HUD properties.  We make loans available through Texas Mortgage Company at http://Texasmc.com, where you can buy with very low down payments or even ZERO Down Payment!  Of course, you can always pay cash for HUD homes and possibly make a great buy even better!