Denver Realtor Brad Dunevitz is a HUD-registered and HUD-approved agent. So, what does being HUD-Approved mean?

Only HUD-registered Realtors and agents can place bids for you on a HUD home. That includes me and Five Star Real Estate. As your buyer agent, Realtor Brad Dunevitz will submit your offer and all required documents, schedule inspections, manage communication between you and HUD, work with your lender, and, most importantly, answer questions during the entire HUD home-buying process so you always feel supported.

Any buyer who qualifies for a mortgage or has cash for a home can purchase a HUD property in the Denver metro area. 

If you are using financing, you must provide a pre-qualification or pre-approval letter from your lender. If you are buying with cash, then you must present proof of funds equal to or greater than the property price. This requirement applies equally to HUD homes and other types of homes. With these documents in hand, you can proceed confidently with the HUD purchase process, knowing that you meet all requirements in advance.

HUD homes are sold at fair market value, determined in as-is condition by an FHA-licensed appraiser before the listing date. 

Translation: You may secure a home at a good price, but you should not expect HUD homes to be dramatically discounted compared to other properties.

You may use FHA or conventional financing to buy a HUD home. Either option can support your purchase depending on your qualifications.

• Owner-occupant buyers receive priority. If you are purchasing a HUD home as your primary residence, you do not compete with cash investors. Owner-occupant buyers receive a thirty-day period where investors are restricted from bidding on HUD homes.
• Closing costs may be included. HUD may cover as much as three percent of the closing costs, such as recording fees and transfer taxes.
• Fewer negotiations required. There are no long negotiations or stressful bidding wars. Instead, HUD selects the highest acceptable offer from owner-occupant buyers, which creates a clearer and faster process.

• Properties sold as is. HUD homes are sold in their current state and may require repairs or updates.
• Restrictions on selling. If you purchase a HUD home, you must live in it for at least one year, and you cannot buy another for two years.
• Limited availability. HUD homes are only available when an FHA borrower defaults on a loan. That means the housing supply is limited, and at certain times, there may be very few HUD homes listed for purchase in your area.

Earnest money is the good-faith deposit included with a purchase contract or bid. HUD requires $500 for homes under $50,000 and $1,000 for homes priced above $50,000. The earnest money must be submitted after HUD accepts your bid, and it must be provided in certified funds, such as a cashier's check or money order. HUD does not accept personal checks.

Yes. HUD gives preference to buyers who will live in the home, but investors may bid after the thirty-day period ends. Note: If you are an investor, you should know that you will lose your earnest money if the purchase does not close successfully.

Great news! This program offers a valuable incentive for full-time law enforcement officers, K–12 teachers, firefighters, and EMTs to purchase a Denver home through HUD. If you qualify, you may purchase a HUD home at only fifty percent of the list price if the home is in a designated revitalization area.

To qualify, you must meet HUD’s eligibility requirements, such as agreeing to live in the home for a minimum of 36 months.