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What is a Scottsdale Arizona HUD home?HUD, an acronym for the United States Department of Housing and Urban Development, is the federal agency that oversees the resale of “HUD homes” in Scottsdale, Arizona. HUD homes refer to foreclosed properties that were conveyed to HUD when a homeowner failed to make payments on their FHA (Federal Housing Administration, a sub-agency of HUD) insured mortgage. The process of buying a Scottsdale, Arizona HUD home differs from other residential real estate in the Scottsdale area. In general, it is important to know the requirements that HUD mandates its potential clients to meet, how offers are presented and the nuances that each contract may present, and the different types of properties that HUD sells to the general public. HUD has classified Scottsdale area home buyers into two categories: 1) owner-occupied buyers and 2) investors. An owner-occupied buyer is a person that will occupy the property as his or her primary residence within 30 days of the close of escrow. An investor is essentially everybody else—people looking to buy real estate as an investment, someone looking for a second home or someone who does not qualify as an owner-occupied buyer. Before the bidding can take place, it is important to note that HUD requires all Scottsdale home buyers to be pre-approved for a mortgage (unless you plan on paying cash for the property). Pre-approval is the the conditional approval given by a mortgage lender after a formal loan application has been taken and the lender has verified the information provided (such as employment, income, credit, etc.). If the Scottsdale home buyer is a cash buyer, the buyer needs to provide sufficient evidence needs to show that the he or she has enough cash to purchase the home. Sufficient evidence that the buyer should provide includes a bank statement, deposit slip, or a letter signed by a banker.
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Ready to begin the home buying
process, contact the office at Rob Madden is a multi-million dollar producing Realtor® with Sun National Real Estate that has advised, consulted and negotiated on the behalf of home buyers and sellers across the Scottsdale metropolitan region. For more information on purchasing your first home, relocating to the Scottsdale area, buying investment real estate, or aggressively selling a home in Scottsdale, call Rob directly at 602-999-5939.
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Copyright ©2002-2005. Rob Madden, Accredited Buyer Representative Sun National Real Estate.
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For more information, contact us at: Office: 602-993-7509 Direct
602-999-5939