Geneva Chervenic Realty, Inc.

HUD Homes are sold "as-is."

HUD homes are sold "as is." This means that when you inspect the property, "what you see is what you get" and what you are agreeing to purchase.

HUD does not guarantee or make any warranties or representations concerning the condition of the property. Therefore, it is extremely important to understand that HUD homes are sold in "as is" condition.

HUD may make or provide an allowance for certain major health or safety repairs if you are taking advantage of an FHA-insured loan.

Because HUD homes are sold “as is,” you should get a home inspection by a licensed professional prior to your closing so that you can make an informed purchase.

Buying a HUD Home

The procedures for purchasing a HUD home are unique and exciting. However, there are certain differences from the traditional home buying experience that potential buyers should be aware of.

Anyone can purchase a HUD home. Although many HUD properties are affordably priced, this is not a low-income program and the price, style and condition of HUD homes varies greatly.

 HUD homes are available exclusively to owner-occupants during the initial ten day bidding period.

 After the initial ten day owner-occupant period investors and owner-occupants may bid on and purchase HUD homes.

The initial list price of HUD properties is the appraised value from an FHA certified Appraiser. A buyer is free to submit bids at any price, but HUD will only accept offers that provide an acceptable return to HUD.

HUD homes are sold "as is." This means that when you inspect the property "what you see is what you get" and what you are buying. HUD does not guarantee the condition of the property and makes no warranties regarding the condition of the property. It is extremely important to understand that HUD homes are sold in "as is" condition. HUD may make or provide an allowance for certain major health or safety repairs if you are taking advantage of an FHA-insured loan. You should also get a home inspection by a licensed professional prior to the closing so that you can make an informed purchase.