In today’s market it can be hard to find a home in your price range, especially if you are looking for a starter home or a fixer-upper at a reduced price. A major frustration for buyers with limited funds experience is that they are often priced out of the market by investors making all cash offers. One option that many new buyers may not be aware of is HUD homes. The U.S. Department of Housing and Urban Development (HUD) has a list of homes that for 10 days can only be bid on by owner-occupants before they make the properties available to investors. There are special rules and procedures for purchasing these homes and the process is different than the traditional home buying process. To assist buyers in taking advantage of this program, real estate agents Ben Salem and Mark Shandrow are hosting a seminar on September 21 at Rodeo Realty Calabasas, 23901 Calabasas Road #1050, Calabasas, CA 91302.
These homes only require a 3% down payment through FHA lending programs. Conventional financing can also be used to purchase the home. “Many potential buyers simply don’t know about the HUD programs,” said Salem. “Our goal is to provide people with the education they need to make an informed decision.” The seminar will include information on all aspects of the HUD program and walk buyers through the bidding process. Loan officers and other real estate professionals will also be on hand at the Calabasas seminar to share their knowledge and experience of working with HUD buyers.
HUD can also help homebuyers who can’t afford to fix up a home with options for financing that includes money for rehabilitating the home . “One of the first questions that people have is about how they can repair the home if they don’t have a lot of ready cash,” added Salem. “We are happy to be able to provide them with information about the HUD 203(k) program that can assist buyers with getting the funds they need. The goal is to have happy owners living in the homes of their dreams.”