Paramount Realty Austin

Since the turn of the economy we have been selling more HUD homes with $100 dollar down payment. I must share with all that there are many obstacles to overcome while purchasing a HUD home.

1. To qualify for the $100 down payment you must pay full price. Now HUD does not care about if you ask for 3% max allowable closing cost allowance. HUD just wants a full price offer. One penny less will disqualify you from the $100 down payment program.

2. Once you have contracted a HUD home you have will have 15 days for an inspection. One catch is that your real estate agent will have to submit a form in a timely manner to get permission for an inspection. BE SURE when purchasing a HUD home to be aware of all the deadlines. It could cost you money if you fail to comply with all time lines. Click here for HOME BUYING Process

3. HUD does not turn on utility services for inspections. The future home buyer will have to turn the utilities on in their own name at their own cost.

4. HUD homes are sold as is. I have seen in some instances where there was a mechanical issue and it was repaired. If you find a HUD home without an appliance such as an refrigerator or stove it will be sold as is. No negotiating. MORE INFORMATION.

Please feel free to post any comments or questions.

Call 512-691-9383 for me details

CLICK HERE TO SEARCH HUD HOMES

With the economy changing we are experiencing more and more Short Sale transactions. You may know the Short Sale process as a Pre-Foreclosure. Simply put a Short Sale is when a home owner is behind on payments and typically has no equity in the property. At this point the home owner can apply for a short sale with the bank. Banks are mostly willing to work the home owner to sell property. The bank typically will allow the property to sell 12%-20%+ below appraised value, making a short sale/pre-foreclosure a great investment option. Please post any comments with further questions or suggestions. Thank you! SEARCH PRE-FORECLOSURES NOW

The video below will better explain the search system.

As you may already know FHA still allows for down payment assistance. The difference as of October 1st 2008 is that the seller may not contribute to the down payment. The good news is that family members, charities, and government programs may still contribute to the down payment.