Can I Buy a HUD Home?

HUD is currently offering a $100 Down payment initiative. The $100 down payment is for owner occupants (Any individual who purchases a HUD home as their primary residence for at least 12 months

Who can buy a HUD Home? 

Any individual who can qualify for a mortgage or who can pay cash may purchase a HUD home. 

Owner Occupants must live in the house as their primary residence for at least one year and may not purchase another HUD home as an Owner Occupant for two years.

Purchasers must use a HUD-approved broker to place a bid on a property.  Goldman & Klein works with HUD-approved brokers from such leading companies as Prudential, Coldwell Banker, RE/MAX, McMillin, House Values, Redfin, House Rebate,Realtor.com,Cyberhomes,Zillow,Real Estate.com, and many more. Please call us so we may refer you to a broker in your area.

How can I find a HUD HOME?

HUD homes are listed on the local MLS. Call us and we will place bids electronically on these properties on behalf of a purchaser. 

The bid with the highest Net to HUD that meets acceptability criteria is selected as the provisional winner subject to timely receipt of all required documents and our verification process.

What is Owner Occupant Period?

Priority is given to Purchasers who are owner-occupants for the first ten (10) calendar days after a new listing is posted. All bids are opened on the 11th day for all owner/occupant bids; these are considered as though they were received simultaneously.

If there are no acceptable owner-occupant bids on day 11, then bids are opened daily from all purchasers, with no priority given to owner/occupants.

When can an Investor submit a Bid?

After Day 10, if a property remains unsold.

Bids are opened the following business day for review and acceptance and results are posted on the web site. Bids placed on the weekend or Holidays are opened the following business day.

How can I submit a Bid ?

You can submit your bid through an authorized HUD agent. Please contact Marie at Goldman & Klein, 1-858-602-7800 who will assist you in submitting the bid.

How do I get access to see the property?

Contact Marie at 1-858-602-7800 to set up a listing appointment. Marie has contacts directly with the Listing Brokers in each state in which there are HUD homes.

When must I have the Home Inspection?

Prior to submitting a Bid

•         Do a visual inspection and make sure that the property meets your requirement.

After Contract Acceptance    

•         We recommend that you retain the services of a Licensed Home Inspection Company to perform an inspection on the property - If the inspection shows defects not disclosed by us, you can send us the copy of the inspection report and have the sale cancelled.

How is my Bid reviewed and how do I find out if I am the winning bidder?

Bids are reviewed for acceptability on the following business day after the deadline of Bid submission.

Please do not submit bids until after all bid winners are posted for that day. 

All Bids are accepted based on HUD’s guidelines which are followed strictly.

Please remember that we do not archive any Bids. Bids are opened for review and either they are accepted or rejected and discarded.

If the property shows that it is still available after the results are posted, please submit your Bid, again and again everyday, till either we have lowered the price to meet your bid, or that by the Bidder  increasing the price in each subsequent bid, has met our acceptable amount.
 

Can I submit more than one bid for different properties? 

If an Owner Occupant submits multiple bids for different properties MCB will select and award the bid that has the highest acceptable Net to HUD for that property. Please do not submit bids for properties that may not meet your requirement as we will award the bid based on our preference.

How can I get financing to buy a HUD HOME?

The Goldman & Klein team can assist you with financing your HUD home. Please contact us.

 What is FHA FINANCING?

There are three main types of FHA Financing

•         203(b) Regular FHA Loan - No repairs needed - Listed as “IN”

•         203(b) - Repair Escrow - Less than $5,000 in repairs - Listed as “IE”

•         203(k) - Rehab Loan - More than $5,000 in repairs - Listed as “IK”

Go to FHA 203(k) Rehab Loan »

Does HUD help with the Closing Costs?

•         HUD allows up to 3% as closing costs. Only the costs that are listed in the Forfeiture and Extension Policy (Addendum A) Version 10/05/06 are allowed.

•         HUD allows up to 5% Real Estate Commission

•         Remember higher Closing Cost and Commission will reduce your Net to HUD and may affect your competitive Bidding ratio

 How will I be notified if my Bid is accepted?

•         The Results from the review of all Accepted Bids are posted on our Web Site

•         It is the responsibility of the Agent to check our web site for the accepted Bid information and ensure that all the required forms are properly filled out and sent to us by overnight mail.

•         As a courtesy we also endeavor to notify the Agent by Email and Fax using the information entered during the Bid Submission

•         Please note that incomplete or misinformation will cause your notification to go astray

•         If your name is selected as the the winning bidder, congratulations! Please ask Marie at Goldman & Klein agent to send the contract and other required documents to us immediately.

Call 1-858-602-7800 for to get started today

Goldman & Klein's offices are located at 10650 Treena St., San Diego, CA 92131. Our telephone is 858.602.7800. We will be honored to serve you in good faith. It is for this reason that we have put together this Privacy Policy. We value your patronage, and the trust you have placed in us. We are committed to earning and maintaining your confidence. Please feel free to contact one of our management team with questions, and if you wish to send us an e-mail, please contact us here.