Lagniappe Living in Lake Charles, Louisiana: May 2011

Understanding Lake Charles HUD Foreclosures

Lake Charles HUD properties for sale can be found on the HUD website. The HUD website allows Lake Charles home buyers to search properties for sale in Calcasieu Parish.

Lake Charles HUD homes are listed by a local Lake Charles real estate agent however the "seller" is HUD. Most of the time HUD homes for sale are listed in "as is" condition and no utilities will be turned on. HUD maintains these properties and as part of the process HUD conducts their own home inspection and may escrow funds for certain repairs.

Lake Charles HUD properties must be negotiated by a REALTOR. The Lake Charles real estate agent must be a registered HUD agent with a registered HUD Broker. The Lake Charles real estate agent places a "bid" for the property on the HUD site and is able to view all the inspection notes and any escrow amounts allowed. If the buyer's bid is accepted the Lake Charles real estate agent must complete the HUD purchase contract within two days and upload to the HUD website. If the agent represents the buyer, the executed HUD purchase contract is delivered to the Listing agent. The listing real estate agent who represents HUD then uploads the documents to the HUD website. There can be a waiting period to obtain all signatures on the contract from HUD.

HUD will usually want to sell the Lake Charles HUD home to an occupant first. This means that investors have a waiting period before they can bid on a HUD property.

Buyers of HUD properties are still allowed a home inspection period (10 days is pretty standard) however HUD will more than likely not make any repairs to the property.

If you are thinking of purchasing a HUD property make sure your Lake Charles real estate educates you first on the process and place your bid carefully, it is not a time when you want to low ball and offer. Read the HUD contract carefully, if an extension is required to close your loan you can be charged a fee per day. This is when you want to rely on an experienced REALTOR to guide you with the time frame and process to make sure all deadlines are met in a timely manner.

Originally Posted at:Lake Charles, LA Real Estate By Marilyn Boudreaux

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For more information on Lake Charles Real Estate, visit my website.  You can search homes for sale in Lake Charles, Louisiana,  and view up to date information on Lake Charles Subdivisions, Neighborhoods

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4410 Nelson Road, Lake Charles, LA, 70605 USA

337-478-1578 or 337-499-9592

CENTURY 21® is a registered trademark owned by Century 21 Real Estate LLC. An Equal Opportunity Company. Equal housing Opportunity. Each office is independently owned and operated.  The information contained in this blog is believed to be reliable and while every effort is made to assure that the information is as accurate as possible, the author of this blog, and its comments are not warranted or implied representation of it's accuracy,  All information is copywritten and the property of the Author, Marilyn Boudreaux.  

 

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Comment balloon 5 commentsMarilyn Boudreaux • May 29 2011 11:16PM
Understanding Lake Charles HUD Foreclosures
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