How to Buy a Discounted HUD Home in Atlanta
HUD homes are homes that were originally purchased by a home buyer who used a government-insurede loan also called an FHA loan. If the home owner gets into financial difficulties and cannot pay his/her mortgage, the mortgage lender will foreclose on the property and the this home may eventually become a HUD home for sale within a few weeks.
HUD usually tries to sell their homes at market value, but if they stay on the market for too long, HUD may decide to reduce the price. Sometime HUD drops the prices by up to 20% and you can still buy the home for far less than that.
This may a great opportunity for the home buyer to buy a discounted Atlanta foreclosure home, if they know when HUD drops the home prices. These homes are especially good because, they have usually been inspected prior to being listed, and you can look at this inspection report even before you ever make an offer.
You can get a free list of these discounted Atlanta HUD Homes here.
Home Inspection
Do You Still Need to Inspect Your HUD Home before closing?
I bought a used car from a car dealer for $24K, but I did not get the car inspected by a licensed mechanic. I just depended on my CARFAX report, which I paid $29 to check the car report. Offcourse all the records were clean on CARFAX, good maintenance reports, NO accidents etc. I drove the car for 2 weeks (sorry my wife drove the car for 2 weeks) and then we started hearing a funny sound in the front of the car. We took it the car shop and they told us that the car was involved in a car accident and extensive work was done on the car, but visually it looks perfect and drove great when we drove out of the dealersip initially.
We took the car back to the dealership after thre different repair shops had given us the same report. We were persistant, and the good guy who owns the delaership decided to repair the car, probably only because I was a repeat customer.
A simple inpection costing $80 would have prevented all this.
I would absolutely still inspect a HUD home, even of there is an inspection report from HUD. This can still uncover a lot of problems that can save you a lot of headache.
Discounted Atlanta Foreclosure Homes
http://www.AtlantaForeclosureDeals.com
http://www.AtlantaForeclosureDeals.com, Foreclosure Homes, Estate Homes, Divorce Sales AND Motivated Sellers
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