# HUD Homes



## Talena (Apr 9, 2013)

I'm looking at a HUD home with a couple acres. Does anyone have much experience with these? 

How does the repair escrow work? Is it hard to get a FHA loan with a mobile home? 

I desperately want to get out of the world of renting!


----------



## Cyngbaeld (May 20, 2004)

http://homeguides.sfgate.com/rules-fha-repair-escrow-7347.html You can't bid on a HUD home without a realtor. Some mobiles are ok with FHA, some aren't. If there is a repair escrow set up then I would assume that one will meet the requirements, however it may meet them without needing repair. Not even sure how to know without checking with a lender.

Sometimes you can get a property that has a mobile that doesn't meet requirements by purchasing the mobile separately for some tiny sum and paying only for the land. The mobile isn't put on the same contract as the land and isn't included in any loan.


----------



## ganoosh (Dec 6, 2009)

Just saw this, know its a bit late but ill tackle the mobile part at least in my state.

A mobile home is normally considered personal property, just like a car, rv, boat..... unless it has been attached to the land with a foundation. It then can be converted to real property and sold as such. If its personal property getting an FHA loan would not be possible and then you would be left with raw land and trying to get a loan for that. Which again would not allow it to be an FHA, maybe a land contract, owner carry, construction loan. 

I would call up a lender and or real estate salesperson in your state, explain the situation, give them the address and see what they tell you. Shouldn't cost you anything and they will be more than happy to work with you on it.


----------



## summerdaze (Jun 11, 2009)

I'm also interested in a HUD home, and wondered if it's a long lengthy process before you can actually close and move into the property. Can anyone buy a HUD home? Are there lot's of hoops to jump through? Guess I should just go ahead and contact a realtor and bombard THEM with lots of questions. LOL.


----------



## PermaAMP (Jun 13, 2013)

We just went through buying a house from HUD. They have put us through the wringer. We've been bidding on this particular house for 4 months and we bid on the house every week. We were accepted then denied in the same week. We then were accepted again and are now in the closing process. The closing was supposed to be the 28th. Well come the 28th they called and postponed it until the 5th now. Hopefully we can actually gain access then as we already have the power turned on. 


The paperwork has to be done precisely(it's not easy some of the signing areas are oddly set up) as they tell you and written in good penmanship or they will deny you. We were told they barely even consider bids from someone without a realtor so if you plan on trying to buy one get one. If you bid do not change your numbers. They look at the numbers not names so if you bounce around they will see it as many people. We made that mistake. Some people get accepted fast and some don't so if your in a hurry I suggest finding another house. Once you get word you are accepted you only have 48 hours to get their paperwork back to them so get it done and sent quickly. In our case they take all the lock sets and we won't recive a key so once in closing you might want to buy some.


----------



## DAVID In Wisconsin (Dec 3, 2002)

I have bought a few HUD homes with no problems. The paperwork has to be done EXACTLY right or it slows things down. My closings have always been within a few weeks and always as scheduled! HUD homes are generally first made available to certain groups, including owner occupied for the first 30 days. And you do need to submit an offer through a realtor. Other than the paperwork as soon as your bid is accepted and before the actual closing, it's the same as buying any other property. Good luck!


----------

