Do you know the answers to these Frequently Asked
Questions??
1) True or False: PatMurphy.com can only sell you
a HUD house.
Answer: False! We can show and sell any MLS
home on the market
2) Where do the pictures come from on your site?
We have a wonderful photography crew who rushes out on
Fridays to grab pictures and write up descriptions of all new HUDs that come
out onto the market.
3) Do prices on government-owned homes vary between
brokers?
The
prices on government
homes are the same; the service is the difference! We employ a unique, 7
day/week, computer-connected home-based office staff organized to provide
superior "hot button" service.
We
are continually striving to improve our service and always welcome any
suggestions or comments.
4)
How often are government-owned homes added to your site??
New
HUD properties are added every Friday. Previously sold properties and
price reductions are also added every Friday.
5)
How long do I have to place a bid??
For
HUD homes, you must act quickly. All new releases are only available for
10 days before bids are due on the second Sunday following release.
6)
What do I need in order to place a bid on one of these homes?
A
pre-qualification letter and a deposit! (Usually $1000.00)
7) What does the term "IE" mean in the
description of a house for sale?
IE $2500 means that there is $2500 in escrow money available
for repairs that need to be made to the property. Funds for these repairs
are placed in escrow until all repairs are complete. This
amount can be added to your mortgage and financed over the life of your loan.
8)
Do you show houses on Sundays?
Absolutely!
Given the short amount of time we have to show homes during the 10 days they are
up for bid, and to accommodate most people's work schedules, we do!
9)
Who are your typical clients?
Our
clients are home buyers-first, second, third time etc. and investors! The
information we provide on our site is provided for our clients informational
purposes only. It is NOT provided as a service to other
brokers. Anyone can buy a HUD or VA home. Many homes are affordable,
but this is not a low-income program.
10)
How do I place an offer on a HUD home?
Offers
must be placed through a registered broker. PatMurphy.com is a registered HUD
broker! Bids are placed via an electronic bidding process over the
internet. The highest net acceptable bid is acknowledged & contracts
MUST be submitted within 24 hours or the home will either be returned to the
market or awarded to the next highest bidder. This is why you need an
experienced broker to handle your transaction.
11)
What is a HUD home?
When
someone with an FHA-insured mortgage can't meet the payments, the lender
forecloses on the home; HUD pays the lender what is owed; and HUD takes
ownership of the home. Then it is sold at market value as quickly as possible.
12)
Will HUD make any repairs to these homes prior to settlement?
HUD
homes (for the most part) are sold as/is with no warranties/guarantees as to
their condition. It is suggested that the buyer perform a home inspection
before settlement to determine any defects.
13) How
much of a down payment will I need?
The
"standard" down payment which most buyers will be able to obtain
through various financing is 5% unless otherwise noted. HUD homes
available with FHA financing require only 3% down.
14) Who has the most experience with government-owned homes in South Jersey?
You guessed it - PatMurphy.Com! We'll see you at the houses!
