AboutMatt Heisler Expertise I can answer questions about buying or selling your home, and questions about the market in Massachusetts, with detailed answers if you ask about my specific area in Mass, Metrowest. I can help with Investment property and the basics of financing. How to construct deals and how to find bargains and how to protect capital. Land, home sales, rehabs, fix and flips, income property are places where I could be able to assist you. I can also answer basic questions about foreclosure, short-sales, 1031 exchanges, and basic questions about how the economy and credit markets are functioning and how that affects you.
Experience My company sells residential real estate in Metrowest, and we have had a been selling real estate in the area for 20 years.
Question Hi, I have recently looked at a condo that is a HUD home in Massachusetts and I was wondering what the guidelines are for buying it? What do I need in order to qualify for a HUD home? And in the future if I wanted to sell it, are there stipulations that would prevent me from selling it and making a profit on it because it was purchased as a HUD home? Is there a certain period of time I have to wait before selling it? Thanks
Answer Drew:
HUD properties are foreclosure properties that carry significant risk. Typically, there is no home inspection negotiation, large initial deposits, and significant research for tax liens that is required. You should contact a real estate agent, a HUD broker if you can find one, and review the property with them. I can't emphasize enough that there is SIGNIFICANT risk in buying these homes, and it is not for the short of cash or those with little wiggle room. You absolutely need your ducks in a row to purchase these properties (or need a good bit of luck.) Resale, however, is not an issue.
