HUD Homes

FOR IMMEDIATE RELEASE

Contact:
Patty Plourde
CEO
Exit Realty Imagine
952-230-3948
Patty@PattyPlourde.com

HUD Homes

WHy do I need to know a House's HUD status?

Twin CIties, MN (Grassroots Newswire) Jan 3, 2012 --

HUD Status

Part 1 - Why do you need to know the House’s HUD status?

If you were in the market for a new mate, you will gather some facts. Whether a potential date is married, separated, divorced, divorced with kids, windowed, single. The status tells you what kind of roles a person plays, and if you are attracted to that lifestyle.

If you were in the market for a house, you will gather some facts. Whether a potential place is easy to get into. They are not all eligible for financing. The type of financing the house qualifies for is important. And the amount of repairs necessary to make it work for you. All of this is clarified if you ask ONE SIMPLE QUESTION: “What is that HUD Status? Then you will know IF you want to take the next step… to a proper introduction.

STATUS TYPES

REO CREAM PUFFS – these first two statuses are for the REO newbie. There is little risk, fairly easy entry point, few restrictions, less responsibility, and still at a huge market savings.

1. IN –Insurable: The house is eligible for financing as is. No repairs needed.

2. IE – Insurable with Repair Escrow: Needs between $250 and 5,000 of repairs to be eligible for FHA financing. The buyer pays the repairs, they can be financed if the amount does not exceed the appraised value.

REO SAVVY – These two statuses are not financeable as is. The buyer gets an even greater discount for taking on a bigger project and/or responsibility up front. HUD says, “Instead of us doing the work, we will sell it to you for less, and you do the work.”

3. UI – Un insurable: It is not eligible for an FHA loan ( probably not conventional either).

4. UI - Un-insurable & 203k eligible – You can do an FHA loan that has a reconstruction process built into the loan to pay for the repairs. It takes a bit more of your time up front for bids and planning, but once you close, your halfway there.

Each Status has related roles

IN Roles: can only be paired with owner occupants for the first 30 days.

IE Roles: can only be paired with owner occupants for the first 30 days.

UI Roles: can only be paired with govt agencies and non profits for 7 days. If it doesn’t sell, it has 5 more days to find an owner occupant. If it doesn’t sell, it can be paired with an investor.

For HUD status questions, email your located authorized HUD Listing Broker: Patty@PattyPlourde.com

2. IE – Insurable with Repair Escrow: Needs between $250 and 5,000 of repairs to be eligible for FHA financing. The buyer pays the repairs, they can be financed if the amount does not exceed the appraised value.

REO SAVVY – These two statuses are not financeable as is. The buyer gets an even greater discount for taking on a bigger project and/or responsibility up front. HUD says, “Instead of us doing the work, we will sell it to you for less, and you do the work.”

3. UI – Un insurable: It is not eligible for an FHA loan ( probably not conventional either).

4. UI - Un-insurable & 203k eligible – You can do an FHA loan that has a reconstruction process built into the loan to pay for the repairs. It takes a bit more of your time up front for bids and planning, but once you close, your halfway there.

Each Status has related roles

IN Roles: can only be paired with owner occupants for the first 30 days.

IE Roles: can only be paired with owner occupants for the first 30 days.

UI Roles: can only be paired with govt agencies and non profits for 7 days. If it doesn’t sell, it has 5 more days to find an owner occupant. If it doesn’t sell, it can be paired with an investor.

For HUD status questions, email your located authorized HUD Listing Broker: Patty@PattyPlourde.com

For more information about Exit Realty Imagine, please call 952-230-3948. Exit Realty Imagine is located at Edina MN 55439.

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Documents and/or Photos available for this release:

UI - Un-insured HUD property on the market today for $120,000

To view supporting documents and/or photos, go to www.enr-corp.com/pressroom and enter Release ID: 317894