The United States Department of Housing and Urban Development, also known as, “HUD,” sponsors many programs. You might have heard of the HUD Dollar Home Program. Many people ask how they can use the HUD Dollar Home Program. Some people wrongfully believe it means that they can purchase a long-forclosed home for one dollar. That’s not actually how it works. Here’s how it works.
When a home on an FHA loan is foreclosed, they try to resell it. If it’s not been sold after six months on the market, the government doesn’t want to waste any more time or money on it. Instead, there are significant benefits that can be gained at a local level. The HUD Dollar Home Program allows the local government in which the home is located to purchase the home for just one dollar, not the home buyer. Usually, these properties are incredibly distressed. Angry homeowners facing foreclosures sometimes remove toilets, pipes, even wiring and the kitchen sink before they leave. That’s usually why a home sits on the market so long after foreclosure. When a local government buys the home for merely a dollar, it allows them to put some money into repairing the home that it is in move-in condition. The improved home is then re-sold at a massive discount to low-to-moderate income families.
This program encourages businesses and new residents to move to an area. It also increases the value of the neighborhood and community, because a vacant home benefits no one and often becomes a safety hazard.
Now, there aren’t always HUD Dollar Homes available in every area, but you can always check the HUD website to see if there are any in an area you want to live.
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Hoping To Sell A Home In Midland?
It won’t be hard to sell your Midland home, but when you choose to list your house with us, our experience can help ensure that you get the highest return on your investment! Plus, Midland 1st Choice Real Estate offers a Free Market Analysis to clients. This free analysis provides our clients with the best comparative value by looking at similarly featured home recently listed and sold.
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