Manchester CT HUD HOME
Many HUD properties, if the price and location are right, could be the first-time home buyers vehicle to instant equity on their first home. Take for instance this Manchester CT HUD home in 57 Garden Grove. This was a HUD property listed at $175,000. My first-time home buyer got it for $158,000.
Right from the start, I knew that this will not pass an FHA or conventional loan. Only a 203K loan was the right type of financing suited for this property.
I am not a home inspector but based on the PCR (Property Condition Report) provided by HUD, I did not have to wait for the home inspector to tell me that the heating and plumbing could not be inspected because the water was shut off.
Realtors should know beforehand that the property management hired by HUD will refuse to have the water turned on because of broken pipes.
Before I placed the bid on behalf of the buyer, I already commissioned the expertise of a 203K contractor to give us an estimate of the rehab costs.
Depending on the scope of work that needs to be done, an FHA 203K streamline loan should suffice. However, the underwriter may come back and require an FHA 203K consultant to inspect the property.
As long as the contractor, the consultant and the buyer are responsive to the additional requirements that the underwriter would request, the process should not be complicated as I already know what to expect from HUD asset managers.
There are several components to a successful closing on a HUD property financed by FHA 203k loan: A competent Realtor; a patient, proactive and qualified buyer; reliable contractors; and a loan officer who knows what 203K loan entails.
“If you are First-Time Home Buyers, contact us for free consultation. We helped many first-time home buyers find their first and right home.” We know how to get things DONE! We make it Happen!
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Homes between $250,000- $350,000
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