Are you thinking of buying a HUD home in the Elgin Fox Valley area? HUD homes can come in all shapes and sizes and condition. These properties can be found on the MLS as well, but require an experienced Realtor as your buyer’s agent to navigate the bid submission process and contracts required. Brokers need to be approved by HUD to submit offers on a buyer’s behalf, so be sure to ask your Realtor if they are HUD approved.
One of the best things about HUD properties are that approvals go a lot faster than with REO’s or short sales. The bank is already out of the picture and the new HUD online bidding system allows potential buyers to track bids in real time. Most homes, when they first become available, will go into a lottery for specific bidders only, such as non-profits and government agencies. After a period of time, the lottery will open up to investors and owner-occupants (private home buyer), sometimes at a lower price point.
A recent search in Elgin indicated that 4 properties sold in February, ranging in price from $31K- to $46K. These properties also come with a disclosure (which many short sales and REO’s do not) so you will have at least some idea what issues the properties has associated with it. Turnaround times for HUD homes is normally very quick, so if you’re a ready cash buyer, why not try bidding on a HUD home today?