HUDWHAT DOES IT MEAN? 

HUD stands for the department of Housing and Urban Development.  A HUD Home is a one–to-four unit residence acquired as a result of a foreclosure on an FHA insured mortgage.  HUD Homes are not low-end housing!   They are found in nearly every county in Georgia and are varied when it comes to price, location and condition.

HOW ARE HUD HOMES SOLD? 

After a property is acquired by HUD, it goes through several steps.  It is appraised and property condition reports and inspections are done, title issues may need to be resolved and initial property maintenance steps are taken.  Once it is available for sale, it is listed on the Multiple Listing Service and www.hudpemco.com.

WHO CAN SHOW ME A HUD-OWNED PROPERTY?

Any real estate broker who is properly registered with HUD may show these properties and submit offers for purchase.  HUD homes are sold through an electronic bidding process. Only a licensed HUD registered agent may submit a bid.

HOW DO I KNOW IF MINE WAS THE WINNING BID?

Your agent will be emailed the results the day after the final bid date.

HOW LONG DOES IT TAKES TO CLOSE?

Within 45-60 days from the date the contract was signed by Pemco, Ltd.

WHERE DO I START? ARE THERE ANY ADVANTAGES FOR ME THE BUYER?

The very first step in buying any home is to have a Lender approval letter.  This is required for any bid to be submitted.  Once you determine what price range you are able to look in; then you narrow down what area and criteria you want in your home.  Next we look at homes available and when you find your dream home we decide what a proper bid will be.

 ARE THERE ANY ADVANTAGES FOR ME THE BUYER?

Yes, the advantages of HUD are many.  First your appraisal is already done and paid for.  The pre-inspection gives you a general idea of the condition of the property.  However, HUD strongly recommends a private home inspection for your personal protection as HUD homes are sold AS IS. HUD allows up to $200 of the inspection cost to be added to your mortgage amount.  If HUD determines that repairs are needed, they are disclosed and put in an escrow account that is an additional amount on your mortgage.  This is NOT paid by HUD but they allow it to be financed. Your bidding price does not include this amount.

At closing HUD pays for part of the Title work and will pay for as much as 3% of the closing costs.  There is a special FHA down-payment program that allows $100 for your down-payment which is subtracted at closing from the $1,000 and the remainder of the money is applied towards closing costs and pre-paid items.  If you put a HUD home under contract within the first 30 days of listing, HUD will credit you the buyer an additional $1,000  sales allowance at closing.

WHO PAYS THE REALTOR FEES?

HUD!  Realtor services are absolutely free to you the Buyer.

 GWINNETT COUNTY HUD HOME FREE SEARCH

Gwinnett County HUD Homes Under $50,000

Gwinnett County HUD Homes $50,000 to $75,000

Gwinnett Conuty HUD Homes $75,000 to $100,000

Gwinnett County HUD Homes $100,000 to $125,000

Gwinnett County HUD Homes $125,000 to $150,000

Gwinnett County HUD Homes $150,000 to $200,000

Gwinnett County HUD Homes $200,000 to $250,000

Gwinnett County HUD Homes Over $250,000