Buying a HUD Home

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My partner, Sky, and I tackled the process of buying a HUD home. A HUD home is a house owned by the state because it had previously been repossessed from its previous owner. The process it self was not very difficult, if you have a good broker/Realtor. Once you have found a decent home you can enter different programs like Teachers Next Door to get a reduced mortgage, as Sky and I did. After having a very vigorous inspection of the house you want to buy, and after it passes you can place a bid and hope the seller excepts it. If they do you can move onto closing to officially own the home, but if not you must start from the beginning of the process. After you official receive the home you must get home owners insurance and then finally sign the closing papers.

Now, even though the process was not very hard the paperwork was extremely difficult. Plus, my partner and I entered the Teachers Next Door Program which just added more paperwork. Filling out the Tax form was the most difficult paper and the rest was just very tedious. There were about 20 pages worth addendums and disclosure we had sign. It seemed a little scary because of all the 'Lead Paint Disclosures' it made the house seem not safe at all to live in.

If I could change somethings about the process, I would make it accessible online. If I was able to fill out all the information once and have it carry over to all the other hundreds of forms like, it would make it so much easier. I think these processes are so difficult because the American government want to be too specific and just difficult. Some things are just not needed in order to do things like buy a house or start a restaurant.

Overall the project turned out good. I feel as though Sky and I were able to make the process easy with out flow chart. Also I don't think we could have done all these this without the assistance of my aunt who is a Realtor and helped us with the process. Thus, proving why you need a good Realtor to handle this process.

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