HUD Homes in Lexington South Carolina   Leave a comment

HUD Homes in Lexington South Carolina

Information a buyer needs to know before purchasing a HUD Homes In Lexington SC

Please note this information is in addition to HUD sales contract and addendum’s.
HUD properties are sold AS-IS, no repairs are made before closing.
HUD will pay up to 3% closing costs if on offer.
HUD will not pay deed stamps or 3rd party attorney fees.
HUD strongly recommends your buyer to have a home inspection completed .
When having a home inspection done, the buyer will incur any costs on De-winterizing and re-winterizing the property. Also the utility fees are the buyers expense.
To bid as an owner occupant, you must occupy the property as primary residence for 1 year or longer and cannot have purchased a HUD home as an owner occupant in the last 2 years.
When purchasing a HUD home with FHA financing, the appraisal HUD has on file must be used. You will not be able to finance above the HUD appraisal price on FHA.
203B Repair escrow amounts are what the buyer needs to have in cash at closing when using a 203b loan. This repair escrow amount is in addition to the purchase price, it is a buyer cost, not a gift from HUD.
Earnest money must be in Certified funds made out to HUD, in case your bid is not accepted, make sure you are able to take check back to your local bank.

Investors will lose their earnest money for any reason failure to close. Owner Occupants may get their earnest money back if in HUD guidelines (see addendum’s).
HUD recommends you complete a final walk thru before closing.
HUD keys are no longer given to the buyer. The buyer will need to re-key immediately after close.

Chip Jefferson, Real Estate Agent Lexington South Carolina Gibbs Real Estate and Auction

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