Salt Lake City Real Estate Tips, Market Updates and

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By Real Estate Expert KathyOHomes

How The HUD Home Buying Process Works : Tips From Local Real Estate Agent Kathy Opolski

If you are looking to purchase a Salt Lake City Utah home then this is an excellent time to do so.  But even though buyers search diligently on the internet for the perfect buy they often overlook one group of homes- those owned by HUD.  

For a home to be classified as a HUD home it has to meet the requirement that it was originally financed with an FHA loan.  When the homeowner loses the home to foreclosure then it becomes a HUD property.  This is an area where you can get phenomenal buys- if you know what to do.

The first thing you will need to do is find yourself a HUD authorized buyer's agent.  The great thing about this is that as a buyer's agent the commission is paid for by HUD so they will basically be working for you for free.  Some people will try to argue that having an agent's commission in the deal will cause the price of the home to be higher, but that isn't the case.  In fact, you will come out better for being represented.

Another reason to be represented is that only an authorized HUD agent can open up HUD homes.  They have a special key required to gain access.  These agents attend specialized training in order to obtain the HUD status so they will know the ins and outs of the process.

In order to get one of their homes you have to start by bidding online.  If your bid wins then you have 48 hours to have an originally signed contract at the HUD location.  Anything later and your bid is thrown out.  No exceptions.  At this point you can typically expect to close within 45 days. 

If you are skeptical working with a government agency, don't be.  Believe it or not, HUD is right on top of things.  Their support lines are manned every weekday and the personnel answering the calls are knowledgeable and thorough.  They are well ahead of many banks in resolving issues in a timely manner.

Just remember that HUD has their guidelines, too.  If something needs to be signed or an initial was left out they will give you ample time to correct it.

To find out the exact process of buying a HUD home in UT, contact local real estate agent Kathy Opolski to learn more about the process. The direct number is 801-518-4599 or visit the website at www.KathyOHomes.com today.

There is a lot of free information available about buying, selling or investing in Holladay and Salt Lake City, Utah real estate.  For complete information about the Salt Lake City real estate market including foreclosures, short sales and more, visit the website dedicated to everything Salt Lake City Utah real estate.

For a FREE Weekly List of Foreclosed Homes with 4-5 Bedrooms in Salt Lake City, UT under $150,000 fill in the form below and you will receive home listings as they hit the market.  You will get all the hot listings as they come up even before most agents see them!

Just fill in the form below with your correct name and e-mail address and we will set it up to have the list automatically e-mailed to you.  Just add it in the comments if you have an interest in Short Sales and HUD homes too!

If you or someone you know are in need of a competent and caring real estate professional in or near Salt Lake City, Utah, I will be happy to help, just call me at 801-518-4599.

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