Imobilia News
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Great opportunities to buy a home on 2010: HUD Homes Simplified
by Mario Rodriguez
HUD homes are government owned foreclosures. These can be excellent investments for owner occupants and investors because its low closing costs and only 3% of the property value as down payment.
- Minimum credit score required is 620.
- Only a HUD approved broker can make a bid on a HUD home.
- HUD offers are sent in using a "blind" bidding process. A bidding date is released by HUD and offers are submitted on that date, without any knowledge of how much the other offers were for. HUD will take the highest offer if they find it acceptable, but reserves the right to refuse all offers.
If you are interested in purchasing a HUD home, call or come to one of our offices located throughout Dade county to speak with a HUD specialist, with the following documents:
- Proof of funds (if a cash transaction) i.e. a letter from your bank stating you have required amount in cash.
- Pre-approval letter (if financed)
If you are interested in preapproval click here (link to prequalification form). Don't forget about the $8000 tax credit rebate, extended through June 2010!
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