Engle Realty: Louisiana Real Estate
Residential & Commercial Real Estate Sales and Rentals
David Engle, owner of Engle Realty, is a HUD Certified Real Estate Broker for the state of Louisiana. Not all brokers are HUD certified. Only certified brokers are able to access Baton Rouge HUD homes and submit purchase agreements on HUD houses. Below you will find information on HUD properties, how to locate them, and how to buy them.
Real Estate Questions about HUD Properties:
What is a HUD home?
How does a house become a HUD house?
What does HUD stand for?
Who is HUD?
How do I find a HUD home?
Can anyone buy a HUD home?
How do I buy a HUD home?
Real Estate Questions & Answers About HUD Properties:
A HUD home is basically a house that was insured by the Federal Housing Administration (FHA) where the owner was unable to pay the bank. Once the home owner is unable to pay the note the home will eventually be foreclosed on by the bank who gave the homeowner the home loan.
A house becomes a HUD house when the bank who originally financed a HUD-insured property forecloses on that house. HUD pays the bank the remainder of the loan and in return receives the property. The property is then sold to get back some or all of the money that HUD gave the bank.
HUD stands for "The U.S. Department of Housing and Urban Development"
HUD is a governmental group whose mission is to increase ownership among all citizens as well as support community development.
You can contact Engle Realty to see a HUD home. You can also go search for HUD properties using your Engle Realty real estate agent.
Yes, anyone can buy a HUD home. HUD prefers buyers who will use the property as their primary residence since their mission is to increase home ownership. With this in mind, HUD gives these buyers who will use the property as their main residence a 10-day period of time to submit their offers before investors and other non-owner occupants can submit there offer. This system increases the likelihood of a homeowner that is buying a house to live in will get the property, thus acheiving HUD's mission.
In order to buy a HUD home you'll need to find a broker, like Engle Realty, that is registered to sell HUD homes. HUD will not accept offers from non-registered brokers. Once you find a HUD-certified broker, contact the broker to see how you can go about viewing HUD homes or submitting an offer to HUD home that you are interested in. There are specific details to note that your broker will be able to discuss with you, however the process is pretty simple. A few important notes to remember is:
1) All HUD homes are sold AS-IS where is.
2) Expect to wait at least two days to hear back about your offer. HUD homes takes longer to respond than a regular house sale would take. While a regular home sale can take as little as 30 days to close, a HUD home may take up to 6 months or 1 year to close.
3) While you may be able to inspect the home, the utilities may not be turned on.
If you are interested in HUD homes for sale then call an Engle Realty agent to do any of the following:
1) check the status of any HUD home
2) view the inside of a HUD home
3) submit a bid on a HUD home.