Are you looking for a bargain home? Then you may want to seriously consider purchasing a HUD owned home. Right up front, I have to state that some of these homes are not in the best condition. Some are in worse condition then others. But you may be able to find a hidden gem. Check out the current list of HUD owned homes we are marketing.

To better understand this you'd have to understand the process by which the Department of Housing and Urban Development (HUD) acquires these properties.

First of all, HUD does NOT foreclose on any home. HUD does not lend mortgage money but it does insure many mortgage loans. So, HUD owned homes are not foreclosed homes, in the strictest sense. HUD owned homes are properties that they acquire by paying off on a claim submitted by the mortgage lender after the MORTGAGE LENDER has foreclosed on the property.

At some point in time, this mortgage lender decides to file a claim against the FHA insured mortgage. They submit their claim to HUD and when HUD pays off on the claim, they acquire the property. The mortgage lender can't get the benefit payment AND keep the asset. So, in return for receiving the payment they relinquish the property that they foreclosed on. Not all mortgage lenders will file an FHA claim. Many will try to sell the property if they weren't able to sell the property at a sheriff's sale/auction. That is the reason that some HUD acquired homes get into the condition that they are in. Mortgage lenders, while trying to sell these properties, do not do such a great job in keeping them maintained. They are usually vacant and anything of value has been removed. It is a rarity to walk into a HUD acquired property and find a refrigerator and/or dishwasher in the house. More times then not the mortgage lender turns over the property to HUD as it is.

So now, HUD has acquired the property. What happens next? Well, HUD sends its appaissor to the property to inspect and value the property. The valuation is done in it's present condition. It is done this way because HUD will NOT do any repairs to the property except what is minimally needed to preserve the house from further damage. If there is a broken window, they will board it up. If the carpeting was removed, they will NOT replace it. If there is an oil tank in the ground, they will NOT remediate. There are certain cases where HUD will allow the purchaser to set aside (escrow) a certain amount of money to have minor repair issues to be done so that the home could qualify for an FHA loan. The appraissor also notes any and all damage that they can see and assign a dollar value to the repair. This isn't done so that HUD knows how they'll have to pay for repairs because HUD does NOT do repairs. What this total repair values denotes is if the property would be able to qualify for an FHA loan or not. HUD designates homes at 3 levels -

• Insured: There are no FHA required repairs needed to be done in order to qualify for an FHA-backed loan.
• Insured w/Escrow: The FHA required repairs total less the $5000 and HUD will allow the purchaser to borrow the extra money and put into escrow in order to insure that these repairs get done.
• Uninsured: The repair total is greater then $5000 and the home would not qualify for a standard FHA-backed loan. However, the purchaser would be able to apply for a 203K (Construction loan) or a Streamline K (similar to a 203K but with a $35000 limit) loans. These have different requirements and the purchaser needs to discuss these type of loans with their mortgage loan representative.

So, now you have a better idea of what you have to work with. The next series of steps involve submitting an offer (which is different then submitting an offer to a private owner) and after that you'll need to know the steps you'll have to follow after HUD accepts your offer.

If you are interested in purchasing any of these HUD owned homes, please don't hesitate to give me a call.

Terry Iwaniw
REALTOR Associate
R & I Realty, LLC
Off: 856-795-3111 x263
Cell: 609-417-1086
www.snewjerseyhomes.com/
snjrealestate.ning.com
Connect On Facebook - profile.to/terryiwaniw

The I-Team Homes has been marketing quite extensively in Washington Township NJ including the area of Turnersville & Sewell. We provide housing market analysis for our clients. The following is the most current YTD data we have for Washington Township (we have made some modifications to the way we use to present this information):

Washington Township YTD Market Report

Monthly Statistics for the Date Range Selected
Date	# Units Listed	Listed Volume $	Listed Average $	# Pended	# Units Sold	Sold Volume$	Sold Average$	Avg Days On Market
Jan 2009	69	19,198,344	278,236	14	14	3,064,700	218,907	87
Dec 2008	36	8,711,830	241,995	24	17	4,204,400	247,317	102
Nov 2008	57	16,817,799	295,049	16	17	3,902,600	229,564	77
Oct 2008	79	21,137,272	267,560	24	33	7,177,750	217,507	119
Sep 2008	90	31,340,450	348,227	25	25	6,391,110	255,644	75
Aug 2008	71	18,665,688	262,897	32	38	9,717,200	255,715	89
July 2008	86	23,274,756	270,636	37	45	10,526,000	233,911	72
June 2008	88	23,971,278	272,400	37	45	11,208,600	249,080	77
May 2008	99	26,922,988	271,949	38	43	9,705,749	225,715	68
Apr 2008	116	30,813,825	265,636	43	41	10,051,100	245,148	84
Mar 2008	107	27,447,397	256,517	47	37	8,295,400	224,200	82
Feb 2008	111	30,528,281	275,029	43	43	10,051,983	233,767	97
Jan 2008	92	27,566,494	299,635	44	22	5,087,300	231,240	93
Totals:	1101	306,396,402	278,289	424	420	99,383,892	236,628	85

• ->Currently, there are 335 active lisintgs on the market.
• ->The average number of sales per month are 33 homes sold/month.
• ->The current average sales price is $298,642
• ->The number of months of inventory is 10 months (the number of months needed to sell off all of the homes currently on the market)

We can provide you with a complete and accurate market analysis for your home with an analysis of the market area it is located in. By knowing the value of your home you have a basis to start selling your home. If you want to know the value of your home and to receive a no-cost home evaluation, please call 609-417-1084.

For first time home buyers, purchasing your first home can be a very stressful experience. We can help eliminate that stress and help you through the process. We work closely with many first time home buyers and understand your concerns. First Time Home Buyer Programs, 0% and No Money Down Programs, Conventional, FHA, and VA Financing (To Qualified Buyers). Seller Assist with Closing Costs, New Homes Existing Homes in Great Neighborhoods, Fixer Upper Properties. We search all of Camden, Burlington, Gloucester, Salem, Cumberland, and Atlantic Counties. Go to http://www.homes4firsttimebuyers.com/

Looking for a fixer upper property? Willing to put in some "sweat equity" to buy your next home at a bargain price. Get a complete listing of fixer uppers in your area by going to http://www.bestfixerhomes.com/

If you are interested in purchasing HUD Owned Homes, go to: http://www.njhudsales.com/.

Are you behind on your mortgage? We can help you! We are the Foreclosure Prevention Consultants. We've been where you are now, don't make the same mistakes we did. See what we can do for you at http://www.i-teamhomes.com/foreclosure.htm

.

Linda & Terry Iwaniw
REALTOR Associates
First Time Home Buyer Specialist
Foreclosure Prevention Consultant
ReSales & Investment Realty, LLC
Office: 856-795-3111 x263
Cell: 609-417-1084
http://www.terryi.com/
http://www.snewjerseyhomes.com/

The I-Team Homes has been marketing quite extensively in Winslow Township NJ including the area of Sicklerville. We provide housing market analysis for our clients. The following is the most current YTD data we have for Winslow Township (we have made some modifications to the way we use to present this information):

Winslow Township YTD Market Report

Monthly Statistics for the Date Range Selected
Date	# Units Listed	Listed Volume $	Listed Average $	# Pended	# Units Sold	Sold Volume $	Sold Average $	Avg Day On Market
Jan 2009	68	14,782,880	217,395	15	12	2,502,250	208,520	104
Dec 2008	74	15,193,468	205,317	31	34	6,174,793	181,611	95
Nov 2008	75	15,607,179	208,095	31	29	6,582,400	226,979	103
Oct 2008	76	18,706,692	246,140	33	31	6,080,765	196,153	68
Sep 2008	117	26,769,904	228,802	26	47	9,548,913	203,168	101
Aug 2008	122	27,872,331	228,461	43	36	6,574,275	182,618	88
July 2008	149	34,863,947	233,986	42	46	8,628,654	187,579	82
June 2008	116	27,618,787	238,092	47	46	9,571,225	208,070	69
May 2008	126	28,785,473	228,456	40	38	7,642,400	201,115	79
Apr 2008	141	31,785,227	225,427	45	36	7,893,450	219,262	96
Mar 2008	149	35,093,130	235,524	39	33	6,463,000	195,848	96
Feb 2008	137	34,680,569	253,142	42	25	5,625,780	225,031	103
Jan 2008	154	39,610,031	257,207	33	32	6,562,300	205,071	80
Totals:	1504	351,369,618	233,623	467	445	89,850,205	201,910	88

• ->Currently, there are 463 active lisintgs on the market.
• ->The average number of sales per month are 36 homes sold/month.
• ->The current average sales price is $238,050
• ->The number of months of inventory is 12 months (the number of months needed to sell off all of the homes currently on the market)

 

We can provide you with a complete and accurate market analysis for your home with an analysis of the market area it is located in. By knowing the value of your home you have a basis to start selling your home. If you want to know the value of your home and to receive a no-cost home evaluation, please call 609-417-1084.

For first time home buyers, purchasing your first home can be a very stressful experience. We can help eliminate that stress and help you through the process. We work closely with many first time home buyers and understand your concerns. First Time Home Buyer Programs, 0% and No Money Down Programs, Conventional, FHA, and VA Financing (To Qualified Buyers). Seller Assist with Closing Costs, New Homes Existing Homes in Great Neighborhoods, Fixer Upper Properties. We search all of Camden, Burlington, Gloucester, Salem, Cumberland, and Atlantic Counties. Go to http://www.homes4firsttimebuyers.com/

Looking for a fixer upper property? Willing to put in some "sweat equity" to buy your next home at a bargain price. Get a complete listing of fixer uppers in your area by going to http://www.bestfixerhomes.com/

If you are interested in purchasing a HUD Owned home, go to: http://www.njhudsales.com/.

Are you behind on your mortgage? We can help you! We are the Foreclosure Prevention Consultants. We've been where you are now, don't make the same mistakes we did. See what we can do for you at http://www.i-teamhomes.com/foreclosure.htm

 

Linda & Terry Iwaniw
REALTOR Associates
First Time Home Buyer Specialist
Foreclosure Prevention Consultant
ReSales & Investment Realty, LLC
Office: 856-795-3111 x263
Cell: 609-417-1086
http://www.terryi.com/
http://www.snewjerseyhomes.com/

See Other HUD Owned Homes At
http://www.njhudsales.com