Many of the best bargains I've seen in my career have come from HUD. If you are looking for a home or rental house, these opportunities should not be missed. Today, August 1st, there are 12 HUD homes available in the valley. It's been years since we've had this many, improving your chances greatly.

HUD homes come from foreclosures on FHA insured loans. After the lender repossession, the lender's claim is paid by FHA and the property is deeded to HUD, which acts as a holding arm of the government. HUD has the house appraised as-is and priced for quick sale with no repairs allowed prior to closing.

Any 1-4 unit residential property worth up to about $300k in the Boise area can qualify for FHA owner-occupant financing. This means the home at one time met FHA property standards and may still today. Some of the houses are listed with a repair escrow up to $5k to meet FHA property standards. This amount is added to your loan and repairs must be done within so many months of closing.

Most of the HUD houses available today need only a good cleaning and a few cosmetics. HUD does not repair houses, but does remove trash and sometimes carpet, if really bad. Expect yard-work, because HUD will not water and the default/foreclosure/repossession process takes many months while the house sits vacant.

Everyone qualifies. Any home buyer or investor with a social security number who can secure financing or pay cash can purchase HUD homes. There are no income limits or special qualifications. Earnest money, usually $1000, and lender pre-approval/proof of funds is required to submit a bid.


HUD uses a contractor to auction the homes via an online bid. Buyers must use a licensed and registered real estate broker/agent, who will provide the purchase forms, hold the earnest money, enter the bid online and submit the paperwork if your bid is the winner.

Use an expert. HUD has some unique rules & forms, not to mention a total lack of flexibility, so it is extremely important you use an expert buyer's agent who has been through the process many times and will not be learning at your expense.

In an effort to encourage home ownership, HUD gives home-buyers priority for the first 10 days on new and reduced listings. Owner-occupants are required to certify that their intent is to live in the house for at least one year, after which it could be rented or sold. However, you can only buy oner occupied from HUD once every 2 years.

This is the only place in the market where homebuyers do not face competition from investors, dramatically increasing your chances of getting a bargain. And once the bids go daily, your competition is severely limited.

Only $100 down payment required for FHA buyers, rather than the normal 3% down. Also for a limited time, HUD is offering a $1000 bonus at closing for full price offers. We can also write the bid so HUD pays your closing costs and you get all but $100 of your earnest money back at closing. You spend more in one trip to the grocery store or gas station! Renters- this is your chance to stop buying a house for someone else and start building equity for your future.

If not sold to a home-buyer, bids are considered daily starting on the 11th day and investors may bid. Bid results are posted each weekday morning and you'll have to submit a bid before midnight that day to have the best chance. With such a short window for competing offers, your bid has an excellent chance, even at the minimum, which I cannot disclose here because it would help my competitors.

There are no limitations on investors after closing. You can fix & flip the house or rent it or move in.

Your offer can be contingent upon loan approval and all buyers have a 15-day opportunity to inspect. The rules are different for owner occupants and investors in terms of getting a refund of earnest money should your loan fall through or you find major hidden defects in the inspection.

No worries about clear title! I'm no attorney (ask yours), but they tell me all junior liens are wiped out in a foreclosure and you do get the highest level of protection with a warranty deed and title insurance.

You'll need my password to see my list of current inventory. These are not my listings and I make my living representing buyers and being paid by sellers. Unlike the listing agent, I give you information from a buyer's agent point of view, saving you time & gas money. I'll tell you:
1) If the price is high and you should wait for reduction.
2) If it's not in livable condition.
3) If it's a junker that may limit financing options.
4) If location is bad, such as near freeway or high traffic.

Please contact me to get signed up as a client, which costs you nothing. Sorry, but I must protect my hard-earned information from competitors and people who will not buy through me.

If you already have the password View the HUD Homes now!