Searching for a foreclosed home in the Miami-Dade area? You may want to consider purchasing a HUD home, one of the most affordable housing options for home buyers.
HUD Home Buyer FAQs
To find and ultimately buy a HUD property, there are special processes involved, from where you search for a home to how you make an offer on the property. So if you’re seeking an affordable home in the Miami-Dade area, here is what you need to know about buying a HUD home.
Since HUD homes are government-owned, there is a special site where you can search for and find a HUD home for sale — the HUD Home Store. There you can search for a home by street address, by price, or even by the number of bedrooms and bathrooms.
Who is Eligible to Buy a HUD Home?
If you are buying a HUD property for your primary home, and if you have the required cash or can qualify for a loan, then you are eligible to buy a HUD home. Of course, there are certain exceptions to these rules, so make sure you read our HUD home buying resource for more details about eligibility.
Should I Get a HUD Home Inspected?
Yes. The Department of Housing and Urban Development sells HUD homes as is, so the responsibility for any home repairs falls on the new homeowner. If you need to make major changes to a HUD property, though, you may be eligible for a FHA 203(k) Rehabilitation Loan.
How Do I Buy a HUD Home in Miami-Dade County?
Since HUD homes are government-owned, there is also a special process for purchasing one of these properties. Registered real estate brokerages, such as our own Essential Realty Services in Miami-Dade County, may place a bid on your behalf to buy a HUD home that you are interested in, working with your budget and housing preferences.
If you’re interested in finding and buying a HUD home in the Miami-Dade area, let’s work together to find an affordable home that fits your needs. And if this is your first time buying a home, learn about our First-Time Home Buyer Program that can help you save 3% on closing costs.
Contact us today if you want to buy a HUD property and want us to place a bid on your dream home for you. We would be happy to work with you.