When looking to buy HUD homes in Georgia, you need to know a few important things right from the start:
There ARE deals out there, but it’s not quite the deal bonanza that the late-night infomercials claim. So adjust your expectations.
You MUST use a real estate agent. For example, if you’re looking for a real estate agent in Cumming, GA, then click here.
This one is very important–HUD wants buyers who are going to actually live in the property, not just fix and flip or rent it out.
With that being said, here are some basic rules and policies pertaining to bidding on government-owned properties:
1. To be eligible to bid you must be 18 years of age.
2. You cannot be an “insider” (contractor, subcontractor or vendor or their agent who has access to information about the property).
3. Bidding is handled online, through a licensed Georgia agent.
4. Buyer is to inspect property prior to placing a bid.
5. Changes may be made on the day of the sale.
6. The Government reserves the right to withdraw from sale any of the property listed.
7. The buyer understands the property is sold on the “AS IS” basis.
A lot of rules and regulations govern HUD real estate auctions, and it is wise if you take the time to research them prior to attempting to attend.
Don’t be shy about asking your agent questions–they earn a commission on the transaction.
Finally, try not to get too emotionally attached to a property before the final bids are in. It is wise to bid on multiple properties (not at the same time) until you find the right home at a great price.
Portions copied with permission from: http://tiny.cc/csi6ay