Thursday, October 27, 2005

HUD Incentives There For The Asking

HUD homes have a high default rate, and the government is looking to get rid of them. "The federal government over the last four years has found itself in a similar position, too many foreclosures in their inventory. This has led Housing and Urban Development (HUD) to create and offer special incentives for homebuyers such as such as lowering prices, an allowance to upgrade the property, a moving expense allowance or a bonus for closing the sale early. The buyer can request HUD to pay all or a portion of the financing and closing costs."

"According to Michael Urbanski, 'Each area of the country has its own management company with latitude regarding these incentives. Buying Incentive Programs are created in each individual state. According to Urbanski, the government is being forced to reduce inventory in the fourth quarter as the year comes to a close, therefore home buyers should see a slash in prices."

I should add that I am not recommending the site found in this ad/link, but having tried to work through HUD and realtors, I found that neither are much help. That's why they have so many houses, I suppose.


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