Colorado Springs Mortgage Update - Buying a HUD Repo in Colorado Springs for Just $100 Down

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Colorado Springs Mortgage Update - Buying a HUD Repo in Colorado Springs for Just $100 Down

HUD REPOS $100 DOWN

Did you know that you can buy a HUD Repo in Colorado Springs for just $100 down? Well, you can. HUD is the U.S. Department of Housing and Urban Development and they have several homes for sale in Colorado Springs.

What is a HUD Repo?

A HUD repo is a home that is "acquired by the Federal Housing Administration (which is part of HUD) as a result of foreclosure actions." (Source: HUD website)

Like banks, HUD is not in the business of OWNING homes, so they will do whatever it takes to sell them. One of the ways that they do this is by allowing people to purchase HUD Repos for just $100 down. This is an excellent option for people looking to buy a home for sale in Colorado Springs without having to save up the 3% - 20% down that it takes for most loans today.

Where Do I Find HUD Repo Homes in Colorado Springs?

There is a special website that lists all HUD Repo Homes in Colorado Springs and surrounding areas. Here's what you need to do:

Check it out: HUD Repo Homes for Sale.
Make a list of the homes that look interesting to you.
Email your list of homes to Team@wagneriteam.com. (Or call us at 719.434.7525)
We will send you a full detailed MLS sheet on each home and set up a time that you can physically view the property.

How Do I Make an Offer on a Colorado Springs HUD Repo?

There is a detailed process involved in making an offer and actually BUYING a HUD Repo. It is always best to have a competent Colorado Springs real estate agent guide you through the process and make sure that all your paperwork is in order and that your best interests are met. (And in most cases their representation is FREE to you!)

Like buying a bank owned home for sale in Colorado Springs, you will need patience. Buying a HUD Repo is not like buying a home from a traditional home seller. You will be buying the home from the government, and we ALL know that there is always all kinds of red tape involved in ANY process involving the government.

Also, there is absolutely NO guarantee of the condition of a HUD Repo home. So, it is extremely important that you get an inspection of the home BEFORE closing. Now, HUD will generally not complete any repairs, but at least you will know what you are buying ... and can cancel the contract if an inspection yields way more than you are willing to take on.

However, a HUD Repo is usually sold for well under the comparable market price for a similar home in the area, and you can do it for just $100 down! So, buying a Colorado Springs HUD Repo can be an EXCELLENT opportunity to take advantage of the current Colorado Springs real estate market and be a homeowner.