November saw a 3 home increase to the ACTIVE HUD Home inventory ending the month with a total of 19 homes for sale. With 39 counties in all of Washington, surprisingly 5 of those are in the most populated counties – King, Snohomish and Pierce. This too is a shift as for the last year, most of the HUD Home listings have been in the more rural areas of the state. While the Seattle real estate market has slowed and shifted a bit, not so with HUD Homes.  There continues to be more demand than there is inventory for HUD Homes.

HUD homes and other bank owned property listings are no longer mirroring what is happening in the current real estate market. There has been an influx of new listings in the Western Washington real estate market.  This has created the market to slow down, giving buyers have more inventory to choose from.  We have even begun to see prices coming down – which is evident with the HUD homes too, with 6 of the 19 showing price reductions.  Every active listing continues to be pure gold!  It would be nice to have a little more HUD Inventory to share with eager buyers – especially investor clients!

Want to see the where and what these properties look like?

 SEARCH for Washington HUD Homes

Find Your Next HUD Home Here

HUD Homes – What, Why, Who, Where, How, and When?

Have you ever had any questions regarding HUD Homes? Read on for quick answers to the most fundamental questions regarding HUD properties. If you have any questions that aren’t answered below, please drop us a line – we’re experts!

What is a HUD Home?

A HUD Home is a property that HUD (a.k.a. The Department of Housing and Urban Development) has put back on the market through Local Listing Brokers. It is HUD’s sincere belief that finding new owner occupants for these homes will help improve the neighborhood they are in and the housing market as a whole. While HUD Homes are also available to investors, priority is give to owner occupants, and the content of this article will refer only to owner-occupants.
Why should I purchase a HUD Home?

There are enough reasons to fill an entire article on their own!

• In this hyper-competitive Greater Seattle real estate market, HUD Homes are one of the best ways for a buyer using financing to be on equal footing with a cash buyer. HUD gives the same priority to cash buyers that they do to financed buyers – even FHA buyers! No more getting beat out by a lower cash offer. In a similar vein, HUD will also pay up to 3% of the buyer’s closing costs.
• Earnest money deposit for HUD homes are never more than $1000. This is great for financed buyers that don’t necessarily have a lot of cash to put down.
• Owner occupants are given priority over investors for the initial bidding period. This period differs based on the insurability status of the home, but owner occupants will always have the first crack at a HUD Home when it is listed.
• For FHA buyers, many expenses are paid for by HUD. An FHA appraisal is performed for every HUD property before it is listed, and it is good for up to four months. If applicable, lead based paint and termite inspections are performed by HUD, as well as necessary lead or termite remediation. This could save thousands of dollars for an FHA buyer.

Who can buy a HUD Home?
Anyone who has not purchased a HUD Home within the last 24 months can purchase a HUD Home, as long as they then occupy the home as their primary residence for at least 12 months.
Where can I find HUD Homes?
The best place to look for HUD Homes is at www.HudHomeStore.com. Every HUD Home in the nation that is currently open to bids is listed on this website. A licensed real estate agent can also find and show you HUD Homes in your area.
How can I purchase a HUD Home?
A licensed real estate agent can put in a bid on your behalf at www.HudHomeStore.com. If the bid is accepted, then a complete contract will be submitted – but that’s a topic for another article! If you will be using financing to purchase the home, it is a good idea to have your pre-approval letter before submitting the bid.
When should I purchase a HUD Home?
Right away! The market is heating up and interest rates are rising with little sign of either slowing down soon. The sooner you move into your new home, the better deal you can find and the more equity you can build!

Is it time for OWN your own home?

Are you interested in buying a home?  Stay on top of the market! We can send you real-time listings of area homes as they come on the market – find out how. Want to find out what your home is worth?  Request a FREE Market Analysis TODAY! Contact the Knowles Team TODAY at (206) 653-0085 to discuss what is happening in today’s Greater Seattle area Real Estate Market. The Knowles Team will be happy to give you a personalized Comparative Market Analysis for your home or assist you in purchasing a home.

SEARCH All Greater Seattle Homes

Find Your Next Home Here