How to buy a home at a 50% discount

    The Neighbor Next Door program by the Department of Housing and Urban development, Good Neighbor Program by HUDHUD, offers this program.

    It makes it possible for a person to buy a home at a 50% discount from the appraised value.

    If you find a home that is priced at $500,000.00 – and if that is what the appraised value is, then you can buy that same home for $250,000.00.

    Rock Star Deal right?  Well, this program has some rules associated with it.

    Don’t all good things? ūüôā

    Who can use the program?

    This program offered by HUD is limited to Police Officers, Deputy Sheriffs, Highway Patrol Officers, Firefighters, Emergency Medical Technicians(EMT’s) and Teachers.

    And within the employment restrictions, there are more restrictions. Officers and Law Enforcement must be full time and P.O.S.T. certified (police officers standards and training).

    good Neighbor next door program by HUD

    E.M.T.’s – must be full time and certified. Same as the Firefighters, having to be full time and certified.

    Teachers must also be full time, certified and work within the proper educational venue!

    Where can I get a home at a 50% discount?

    If you fit any of that criteria, can you buy a home in Beverly Hills at a 50% discount?

    Probably not. Because the program also only offers certain HUD homes at the 50% discount.

    The homes are going to be located in “revitalization areas”. Revitalization areas are not located within Beverly Hills, Bel Air, Pacific Palisades, or in any such areas.

    What qualifications do I need to have?

    You can use VA, FHA, Conventional Loan or Cash, to finance one of these homes.  However, HUD will require you to sign a second mortgage note(silent) for the other 1/2 of the value of the home.

    If you fulfill the requirements of the program, the home is yours after 36 months, and if you had paid cash or financed the loan – the “second mortgage note” is fulfilled in full!

    Don’t worry, we know¬†you will have more questions¬†– contact me for more info!

    There is a lot more to explain about this program and it is best to do it in person at our offices.

    Let me know when a good time for you is and I promise to take great care of you!

    Other Rules – requirements and other GNND stuff!

    Cannot currently own a home.

    You cannot have owned a home for at least one year prior to the date of your offer on a GNND home.

    You have to live in the home for 36 months.

    The system is operated on the lottery premise.

    Properties change weekly.

    7 Days to make offers.

    You have to use a Real Estate Broker / Agent who is approved by HUD to buy one of these homes (we are that!).

    No warranties on these homes – All Sold AS IS!

    Deposit is 1% of the listing price!

    The three year agreement is enforced via HUD and their inspectors – Be careful!

     

     

     

    Trackback from your site.

    Paris and Connor MacIvor

    Connor and Paris MacIvor are in the Top 1% of Realtors Nationwide, starting their real estate business in 1998 with RE/MAX Gateway - Santa Clarita Valley and Valencia CA. Their becoming licensed real estate consultants and representatives came from the horrible experience they had when they bought their first home. There were many things that the agent they had hired did not explain and disclose, which per law he should have. Getting that agent on the phone after they closed escrow and after he had gotten paid was impossible. Paris and Connor called the broker, the board of realtors, the office manager and all they received was the promise of a phone call back. The remedy did come, but not as fast and in the way they wanted. That act - that bad agent was the reason why Paris and Connor became Realtors. That was all they needed to vow to never let the same fate befall anyone else, that befell them. Today Connor and Paris are focused on client service. Protection and top-shelf service with regard to their real estate clientele. They primarily work within the Santa Clarita Valley and Valencia CA. However, for a referral, where 80+ of their business is referrals they have License and Will Travel to other parts of Ventura County, Los Angeles County, and Orange County to handle real estate transactions for those who trust their real estate operation. Writing on their Real Estate Blog is a passion. SCVnest.com/blog is where you will find over 10,000 real estate articles. Go to SCVnest.com/radio to listen to their latest real estate radio broadcast.

    Leave a Reply

    Contact Us Now

    Any questions, comments, or feedback

    SCVnest Radio Show (listen now)