Atlanta, as well as other major metropolitan areas, is well inventoried with foreclosed homes owned by the Department of Housing and Urban Development (HUD). A search at the HUD sales site for Georgia at the time of this article resulted in 2292 listings of single family properties owned by the Department. With listing time averaging as much as nine months it is easy to understand how the seller with the best incentives will stand a great advantage in the market.
Teaming with the Federal Housing Administration (FHA) and making available the opportunity for home owners to acquire any HUD owned home for a very minimum down payment gives a grate advantage to the seller. Buyers only need apply and be pre-approved for an FHA insured mortgage to take advantage of the one-hundred dollar down payment incentive.
Repair costs may be included
Repairs up to five-thousand dollars may be included at the time of purchase and the funds escrowed while repairs are completed within seven days of the sale date. Allowing properties which need minor repairs to be approved for an FHA insured home mortgage helps in about twenty percent of the offerings. The escrows, at least in Georgia, will be held by the lender and the repairs must be completed within seven days of the closing date.
Higher amounts of repairs can also be helped by FHA loan types such as the 203k Streamlined renovation and purchase loan which also allows for up to thirty-five-thousand in repairs to be financed additional to the purchase price at the time of purchase. Since these loans are a little more involved it is best to consult with the FHA lending expert from your area, such as the author, before proceeding with this type of transaction.
Administered by PEMCO
Bids for properties must be made through PEMCO's sales site by an approved real estate broker, qualified non-profit organization or government entity. Since PEMCO handles all HUD foreclosures in Georgia they are a great resource for information about the process. Users can access and search for properties at the site without registering which can make for a great afternoon of researching properties which may fit the shopper's desires.
More information
The author is a seasoned veteran, well experienced and a Georgia leader in providing financing in information about these types of homes and may be contacted directly by telephoning 678-439-8683 or visiting http://100down.tumblr.com
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