Buying HUD and bank owned properties

    Buying a home is one of the most important decisions in your life, that is why it is essential to have as much information as possible about all the options you have. 
    You have heard that HUD and bank owned properties could be a smart investment but you are not sure where to start and have questions about the process? No problem! We will address the common questions here and if you still have concerns please feel free to contact us at 317-457-1800 or via email davidgarden@gardenhomesrealty.com and we will be happy to guide you through the process.

    You can access all HUD owned properties for sale on their website www.hmbiweb.com  There you can map a property, look at the property condition report and see the repair escrow amount. The repair escrow is the amount of money that HUD will allow to be escrowed at closing to perform the necessary repairs on the house. For example, you found a HUD home that you like but it does not have carpet. In the repair escrow notes it says "Replace carpet $2000.00". That means that HUD will allow you to escrow $2000 to replace carpet after the closing. You do not have to come up with the cash to do this repair, it can be financed.

    There are no free web sites to access all bank owned properties for sale( as far as I know), but if you submit your email address to us and we will create your own search where you can view all bank owned properties as soon as they get listed.

    Sometimes bank owned properties need extensive remodeling. There are special financing programs for homes like that! Home Path Mortgage Renovations from Fannie Mae is one of such programs! Please feel free to get more details from their web site http://www.fanniemae.com/homepath/financing/index.jhtml