The Central Iowa real estate market is diverse with both buyers and sellers alike seeking a variety of different properties. As a prospective seller, you can find out the market value of your property with a free home value report right here, or if you're looking to purchase in the Central Iowa click here for full MLS access. Always feel free to reach out to us for any questions regarding the current market conditions, or the value of your property at 515-229-9764.
An advantage of working with the Misty SOLDwisch Team is our five-plus years of experience listing HUD homes. We would love to help you get a great deal on a great home. Give us a call or shoot us an email if you would like to purchase a HUD home, or if you have any questions about real estate in general. We would love to hear from you!
Today, we want to discuss the advantages of buying a HUD home.
What exactly is a HUD home? If you're unsure, you're not alone. A HUD home is a 1-4 unit residential dwelling acquired from the Department of Housing and Urban Development as a result of a foreclosure on an FHA-insured mortgage. HUD takes the home into its inventory and sells it to recover the lost funds.
How does it work? Homes are sold through a closed bidding process online. Because it's an unorthodox process, it's very important that you work with an agent that understands exactly how the bidding process works and knows what to expect when representing you as a buyer. HUD has a property management company that goes into the home first and does a property inspection that's available for viewing on HUDhomestore.com. This ensures that you'll have an idea of the general condition of the home.
When buying a HUD home, you will also have an opportunity to turn on utilities and perform your own inspection after you have an accepted bid. HUD gives priority to owner-occupant buyers, which means you don't have to worry about being outbid by a cash investor on a desirable home in a great neighborhood. Generally, depending on the type of bid period established, you will have up to 30 days where only owner-occupants can place bids.
Another advantage of a HUD home is the ability to negotiate closing costs into the purchase. If you need to have some of the closing fees rolled into the purchasing price in order to give you the buying power that you need, you're able to negotiate up to 3% of the sales price to help you with the purchase.
An advantage of working with the Misty SOLDwisch Team is our five-plus years of experience listing HUD homes. We would love to help you get a great deal on a great home. Give us a call or shoot us an email if you would like to purchase a HUD home, or if you have any questions about real estate in general. We would love to hear from you! 
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