Speaking of Phoenix Real Estate » HUD Homes http://www.speakingofphoenixrealestate.com   Sat, 15 Jan 2011 02:38:11 +0000 en hourly 1 http://wordpress.org/?v=3.0.3 1/2 Price House, HUD’s Good Neighbor Next Door Program http://www.speakingofphoenixrealestate.com/12-price-house-huds-good-neighbor-next-door-program/ http://www.speakingofphoenixrealestate.com/12-price-house-huds-good-neighbor-next-door-program/#comments Tue, 07 Oct 2008 04:35:39 +0000 Shar Rundio http://www.speakingofphoenixrealestate.com/?p=205 (OK, so I am having issues with uploading images – this blog may be the death of me – if you’d like to see the picture of a fantastic deal check out this half price house) 

This program is making a comeback due to the HUD foreclosures that are on the rise & I HAVE to tell you about it.  The above mentioned house qualifies as a 1/2 price house under HUD’s Good Neighbor Next Door Program:

Law enforcement officers, pre-Kindergarten through 12th grade teachers and firefighters/emergency medical technicians can contribute to community revitalization while becoming homeowners through HUD’s Good Neighbor Next Door Sales Program. HUD offers a substantial incentive in the form of a discount of 50% from the list price of the home. In return you must commit to live in the property for 36 months as your sole residence.

Complete details can be found in HUD’s Good Neighbor Next Door Q & A. 

Here’s the condensed version:
  • Must work in one of the above fields and serve the area that the house is located in.
  • Must not have owned property for 1 year prior to submitting an offer.
  • Can qualify for loan of your choice (or use cash…really some people still use it).  FHA is a good option as it only requires $100 down and the closing costs can be financed.
  • Must live in the house as your sole residence for 3 years. 
  • Purchaser must use a HUD qualified Realtor (that would be us!) to submit your offer.  If there are multiple offers it is a lottery.  No increase in price is acceptable. 
  • That’s it!  Enjoy your new home and watch your quity grow!
Using this house as an example:
Located at 63rd Ave & Broadway
Built in 2002
4 bedroom, 2.5 bath, 2-car garage
1962sf
List Price:  $94,000
GNND Price:  $47,000
We assisted several teachers into these homes a couple of years ago.  In my opinion it is the best financial opportunity available for someone who is eligible.  Even in a declining market half price is still a good deal! 
**NOTE**  If there are eligable homes they become available on Fridays and the offers are due by Tuesday at midnight.  Also, note that Phoenix (this area and west) is typically where we’ll find available properties.  Sorry, nothing in the E. Valley!
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