Buying Services for LEXINGTON Home Buyers

Congratulations! You have decided to purchase a home, or are thinking about buying one. You'll be joining the ranks of hundreds of families who realize that home ownership offers a number of benefits including building equity, saving for the future, and creating an environment for your family. When you own your own home, your hard-earned dollars contribute to your mortgage. The equity you earn is yours. Over time, your home will increase in value.

In the following reports, you'll find the information you need to make a wise buying decision. We'll take you through the planning process step-by-step , to help you determine which home is right for you. You'll find a host of informative articles on mortgages, viewing homes, the offer, closing details and moving.

Please contact me if you have any questions about buying a home in LEXINGTON or elsewhere in South Carolina.

Below, select desired reports and complete the form provided.

		Buying Your First Home Many renters are starting to think about purchasing a home of their own. This article highlights several factors that should be considered when purchasing a home.
		The Right Home at the Right Price This article helps you become a savvy buyer, by pointing out some of the pitfalls inherent in the home-buying process.
		Avoid Common Buyer Errors Some buyers, however, caught up in the excitement of buying a new home tend to overlook some items. When you have a systematic plan before you shop, you’ll be sure to avoid these costly errors. Here are some tips on making the most of your home purchase.
		But Do You Need It Buying a home can be an emotional, time-consuming, and complex process. There are a few things that you can do to help make the process go as smooth as possible.

Buying HUD homes in Midland SC

Information buyer's needs to know before purchasing a Hud Home

Please note this information is in addition to HUD sales contract and

addendums.

HUD properties are sold AS-IS, no repairs are made before closing.

HUD will pay up to 3% closing costs if on offer.

HUD will not pay deed stamps or 3rd party attorney fees.

HUD strongly recommends your buyer to have a home inspection completed .

When having a home inspection done, the buyer will incur any costs on dewinterizing and

rewinterizing the property. Also the utility fees are the buyers expense.

To bid as an owner occupant, you must occupy the property as primary residence for 1 year or longer

and cannot have purchased a HUD home as an owner occupant in the last 2 years.

When purchasing a HUD home with FHA financing, the appraisal HUD has on file must be used. You

will not be able to finance above the HUD appraisal price on FHA.

203B Repair escrow amounts are what the buyer needs to have in cash at closing when using a 203b

loan. This repair escrow amount is in addition to the purchase price, it is a buyer cost, not a gift from

HUD.

Earnest money must be in Certified funds made out to HUD, in case your bid is not accepted, make

sure you are able to take check back to your bank.

Investors will lose their earnest money for any reason failure to close. Owner Occupants may get their

earnest money back if in HUD guidelines (see addendums).

HUD recommends you complete a final walk thru before closing.

HUD keys are no longer given to the buyer. The buyer will need to rekey immediately after close

Who can buy a property from HUD?

HUD has indentified five buyer types that are eligible to purchase HUD-owned homes. Certain conditions must be met to determine the eligibility of a buyer to bid on a particular home. Only registered bidders can make offers on properties. Homebuyers must use a registered selling broker or selling agent to make an offer on their behalf.

Owner Occupant: Eligible owner occupants are individuals with a valid SSN who have not purchased a HUD property with the past two (2) years. They can bid on homes in the Exclusive or Extended periods. Owner occupants rank above nonprofits and government agencies in the bid-selection process for Exclusive and Extended listings.

Investor: Eligible investors are individuals with a valid Social Security Number (SSN) or Employer Identification Number (EIN). They can only bid on homes in the Extended phase and are ranked below other types of bidders in the bid-selection process.

Good Neighbor Next Door (GNND): Good Neighbor Next Door (GNND): Eligible GNND buyers can find details on the program on the following Web page - http://www.hud.gov/offices/hsg/sfh/reo/goodn/gnndabot.cfm. GNND buyers can bid on single-unit homes in a Revitalization Area during the Lottery phase. During the Lottery phase, GNND buyers (1) get a 50% discount off the HUD appraised value, and (2) are given preference over Government Agencies and Nonprofits in the selection of a bid-winner. After the Lottery phase, GNND buyers are not eligible for the 50% discount.

For example, if HUD lists a home at $100,000 and the home is in the Lottery phase, a GNND buyer can buy it for $50,000 provided they occupy the home as their personal residence for the required 36-month occupancy period. If they qualify for any FHA-insured mortgage program, their down payment is only $100 and they may finance closing costs.

Nonprofit: Eligible nonprofit organizations, can bid on homes in Lottery, Exclusive, and Extended phases provided they are in approved purchase areas. If the property is in the Lottery phase, the home must be uninsured. Nonprofits rank below Government Agencies in the bid-selection process for the Lottery phase, but above them for Exclusive and Extended listings. Nonprofits cannot bid for Dollar homes.

See http://www.hud.gov/offices/hsg/sfh/np/np_home.cfm for more information.

Government Agency: Approved government agencies can bid on homes in Lottery, Exclusive, and Extended phases provided they are in approved purchase areas. If the property is in the Lottery phase, the home must be uninsured. Government agencies can bid for Dollar homes.
See http://www.hud.gov/offices/hsg/sfh/reo/goodn/dhmabout.cfm for more information.

Buying Services for LEXINGTON Home Buyers

Buying HUD homes in Midland SC

Who can buy a property from HUD?