Mary Crane's Blog
Have you heard a lot about HUD homes, but aren’t sure if you should buy one or what the process entails? HUD stands for The Department Of Housing And Urban Development. The FHA (Federal Housing Administration) is a part of HUD. The FHA is where federal mortgage insurance comes from. If a home is foreclosed on and insured by the FHA, the lender has a right to file a claim for the balance due on the mortgage. The FHA will pay this claim, and then transfer the ownership of the property to the HUD who will sell the home.
Will A HUD Home Provide A Price Break?
The answer to this question is not necessarily. A HUD home is appraised just like any other home for sale. The price is based on the fair market value of the home. The prices may be adjusted according to any repairs that need to be made to the home. It’s a good idea to have your realtor look into comparable prices for HUD homes, as these properties aren’t guaranteed to be a deal.
Know that HUD homes are sold as-is. There isn’t much negotiating like that of a typical home purchase. As the new owner, you’ll be responsible for all of the repairs. It’s a good idea to invest in a home inspection before you buy a HUD home for this reason. You’ll have a better understanding of what you’re getting into with this type of home purchase.
How Do You Begin The Search For A HUD Home?
Housing and Urban Development homes are listed by state on the department’s website. This is a good place to start your search. The site also lists brokers who are approved by the HUD. You can then contact local brokers to show you the HUD properties that you’re interested in.
The Process Of Making An Offer
Buying a HUD property can be very different than buying any other type of home in that the offer process is a bit different. These properties are sold through bids. You must hire a licensed real estate agent to assist you in this process, you can’t just put a bid in on your own. You’ll need to be sure that your offer is placed during the designated offer period. Either the highest bid is accepted or the bid that came in first in order will be taken. Generally, the HUD wants to take the offer that will get them the most profit.
Careful With Financing
The HUD does not finance homes. You’ll need to apply for a mortgage just as you would in buying any other home. Before you can even make an offer on a home you must have approved financing. If for some reason you get through the process of having your offer accepted on the home and the financing falls through, there’s a chance that you could lose your earnest money deposit.
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Smart tech is quickly taking over the home landscape. From thermostats to flooding detection technology is being designed to create a safer home and lower bills. But in a world where everything can be controlled from your cell phone, your home screen becomes cluttered with icons… and fast.
Wemo from Belkin has created a solution that allows you to control multiple devices from one app so your phone can be as efficient as your home. In addition to issuing commands from your cell phone, Wemo also works with Amazon Echo and Google Home. You’ll literally have your very own home assistant to take care of your every whim.
Monitor your electricity usage with Wemo Instant Smart Plug. You can run reports to drill down on how much energy each device in your home uses and even how much total energy a room uses. With the Smart Plug, you can also schedule lights to turn on and off to fit your schedule. Come home to a bright welcoming home and schedule everything to turn off while your family is out for the day.
The Smart Dimmer replaces your light switch to give you ultimate control of your home's lighting. Create schedules for your home that automatically dims lighting when it’s time to start unwinding at the end of the day or use night mode when you get up in the middle of the night but don’t want to be blinded by harsh lighting.
Wemo’s NetCam can give you peace of mind with its wide-angle view. Keep an eye on the kids in the other room, a parent with mobility impairment or the overall safety of your home from intruders. The push-to-talk capability allows you to give a disobedient pet a command whether you’re just a room or town away.
Indulge you're inner techy with IFTT commands. For the uninitiated, IFTT stands for If This, Then That. It’s an automation service that allows you to create commands, or “recipes”, that are triggered when a specified action occurs. Setup specific cues for when to turn lights and devices on or off. Whether you want to do so by email, text or simply set up a schedule. You can also set up a series of events so that when you turn one device on or off others in the room will do the same.
Wemo works with your Nest thermostat through a mutual partnership. This means that Nest can trigger your Wemo devices to turn on or off and you can use the Wemo app to control your Nest thermostat. Which means one less app on your phone and one more available space on your home screen for the latest addition to the Candy Crush Saga.