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Macomb County MI Real estate

Macomb County MI real estate blog

HUD homes in Macomb County – changes to incentives and a new website

March 14th, 2011 · No Comments · tips for home buyers, tips for purchasing a foreclosure

HUD has changed its asset manager in Michigan, as well as the incentives they used to offer. (Much of last year there was a $2500 bonus to HUD home buyers that could be used to help pay for their closing costs.)   This is no longer available, so anyone thinking of purchasing a HUD home in our area should be aware that only 3% of the purchase price is allowed now.

If you were counting on asking for 6% of the purchase price in sellers concessions to help you with your closing costs, pre-paid mortgage items or tax prorations then you will be out of luck with a HUD home purchase.  (Unless you have money tucked aside to make up the difference.)

Also, since the asset manager change there is also a new website to search for HUD homes in our area.  You can search by city, or county, and HUD also provides any disclosures they may have for the property.

Here is the new HUD search siteCitySideCorp.com Scroll to the bottom of the page to the “House hunting” box.

Kris Wales – Ask me about buyers agency in Macomb County MI
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Important copyright information: All photos were taken by Kris Wales. Do not copy and use photos for your own use, whether it be for personal or commercial purpose. All articles were written by Kris Wales. Once again, do not copy and use for your own purposes. Important disclaimer: Views expressed on the blog by the author and commenters do not express the views of Keller Williams Realty. All information contained is deemed to be reliable at the time of posting but not guaranteed.