How to Buy an HUD Home in Georgia
HUD homes in Georgia are available to residents for purchase when the original owners have defaulted on their Federal Housing Administration (FHA) loans, and the homes have been foreclosed upon. Residents buy a home from HUD because the homes offered through the Department of Housing and Urban Development are priced reasonably, and may qualify the buyers for additional government assistance programs. The process for how to buy HUD homes in Georgia includes potential buyers enlisting the help of licensed real estate agents or representatives to make offers on HUD homes for them. Residents looking into where to find an HUD home may learn the best option is to search online or to look for signs posted in desirable neighborhoods. There many advantages of buying an HUD home in GA, including the affordable listing prices and special program options available through the HUD. The HUD home listings in Georgia are a way for the HUD to recoup losses suffered from FHA-insured loan foreclosures and allow residents the chance to purchase the homes at low prices. To learn more about the benefits of buying HUD homes in GA, where the homes can be found and the process for buying an HUD home, review the sections below.
The Advantages of Buying an HUD Home in GA
HUD homes in Georgia are homes that are now real estate-owned (REO), because they were foreclosed upon on an FHA loan. HUD owned homes are sold to residents with the hopes that the losses from the foreclosures can be paid back to the bank, so they are priced to sell quickly. A resident may buy a home from HUD in GA that is one to four residential units, single-family and is offered for sale by the Department. There are many advantages to buying an HUD home, including:
- Affordable listing prices.
- FHA financing options.
- Additional helpful purchasing programs.
Public housing residents who want to buy an HUD home may be able to convert their rental payments into mortgage payments by contacting local Public Housing Authorities (PHAs). The process for how to buy HUD homes in Georgia can be more extensive than purchasing a regular home on the market. However, the benefits of purchasing an HUD home are helpful for first-time home buyers or investors looking for affordably priced homes with financing options and special incentivized programs. To learn about additional advantages of buying an HUD home, including the buying programs available to eligible purchasers, download our free guide.
Where to Find a Georgia HUD Home
Residents wondering how to buy HUD homes in Georgia first need to search for eligible homes. HUD homes in Georgia can be found online or by looking for HUD for-sale signs in the front yards of properties. The online search function for HUD homes for sale allows searchers to filter out the types of properties in which they are interested, including homes with a certain number of bedrooms or within a specific price range. The online website used to find a HUD home in GA also allows a potential buyer to search for homes based on the programs for which he or she qualifies, including the Good Neighbor Next Door or Dollar Homes Initiative. Once a list of available HUD homes in Georgia is displayed, the potential buyer can sort the search results by price or the opening bid date. The HUD listed home details are available when a potential buyer selects a home from the list and views the “Property Details” page. Searchers who want to buy a home from HUD should review the “Eligible Bidders” listed on the Property Details page to ensure they qualify to bid on the homes. The detailed page offers additional photos, specifications and a mapped out location of the home for the potential buyer to analyze.
Potential buyers looking to buy a home from HUD in Georgia can also look around select neighborhoods for HUD for-sale signs. HUD homes may be labeled with signs but may not yet be available on the market, because the foreclosure is pending or the home is still in the appraisal process. Once HUD homes in Georgia enter the market, potential buyers can begin to make offers on the homes for purchase. To learn more about how to buy an HUD home and search-related information, download our complimentary guide.
How to Buy HUD Homes in Georgia
After a buyer has searched where to find a HUD home in GA and located a suitable home, he or she must enlist the assistance of a licensed real estate agent to bid on the home. (However, he or she should also feel free to speak with a housing counselor prior to contacting a realtor.) To buy a home from HUD, the real estate agent must bid on the buyer’s behalf once the buyer proves he or she has the cash or is qualified to obtain a loan for the bid price. Once available, HUD homes for sale are first offered to buyers who plan to occupy them full-time. If the HUD home is still on the market with no owner-occupied buyers, bids are open to investors and other buyers.
HUD homes in Georgia located in revitalization areas may be offered to potential buyers at reduced prices if the residents are law enforcement officers, firefighters, nonprofit organization workers, emergency medical technicians or teachers. Additional HUD home purchase programs may be available to potential buyers who qualify. To learn more about how to buy HUD homes in Georgia, download our comprehensive online guide.