Jeffrey Germagian, Era Key Realty Services-Bay State GroupPhone: (508) 395-0778
Email: [email protected]
Email: [email protected]
Housing and Urban Development (HUD) properties present unique opportunities for homebuyers. By purchasing a previously foreclosed home, you might save money on the sale and mortgage. But is a HUD home the right choice for you? Here are some of the key benefits to buying a HUD home:
HUD wants to recoup the cost of the foreclosure as soon as possible. This translates into lower sale prices. While each property goes through an appraisal process to determine its value, the purchase price is usually under the market average for comparable homes.
HUD homes are sold through auction. The auction process gives special priority to residential buyers by granting them a 30-day period to bid on the home. After that, the auction will open up to investors as well. This head start can help you get a great deal on a home without worrying about an investor taking it at the last second.
Closing costs are a major expense when buying and selling a home. As an incentive to homebuyers, HUD spends a certain percentage of the home's purchase price to help cover closing costs. This can save a homebuyer thousands of dollars compared to buying a traditional home.
With financing, buying a HUD home is like a traditional home purchase. You can choose from many loan options and mortgage providers. In certain circumstances, buying a HUD home means getting a loan with a smaller down payment. HUD wants to sell the property as soon as possible, so they offer options for low down payments to encourage new buyers.
If you're considering a HUD home, keep these benefits in mind. While it might not be the right choice for every situation, for many homebuyers, the incentives and special perks can greatly outweigh possible drawbacks.
Dating back to the 1970s when his father put him in charge of the family real estate business, Jeffrey Germagian has built a longstanding portfolio of real estate transactions and developments. Along the way, he has grown the family’s original company, then known as Baystate Realty, to the elite status it represents today as ERA Key Realty Services.
Although we’ve expanded our real estate offerings and our branding has evolved to represent all of the real estate services that we provide, ERA Key Realty, The Baystate Group still holds true to the honest business practices and principles that Jeffrey’s father set out with decades ago.
Jeffrey manages the Baystate Group which specializes in traditional home resales, land development, and 55 communities.
He lives in Hopedale, MA, and serves the local towns in the area including most suburbs of Boston as well as southwest of Boston. He is a Certified Residential Specialist and is fully licensed as a real estate agent to practice throughout the entire state of Massachusetts.
