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Digital House Hunt
By Yardi Blog Staff on Mar 25, 2013 in Technology
The Internet has become an irreplaceable tool for today’s connected home shopper. The web has opened a whole new world of home buying possibilities for consumers and real estate professionals.
Once upon a time, people turned first to newspapers for home sales advertisements. Nowadays, house hunters rely almost entirely on digital channels. A recent study developed by Google in partnership with the National Association of Realtors revealed that 90 percent of home buyers searched online during their home buying process. Moreover, data shows real estate related searches on Google have grown 253 percent over the past four years. Foreclosure searches on desktop are up 7% year-over-year and 180% on mobile.
In an effort to keep up with today’s complex, digitally driven media environment, the U.S. Department of Housing and Urban Development has created the HUDHomeStore, an online listing platform for HUD real estate owned (REO) single-family properties. This comprehensive listings site provides the public, brokers, potential owner-occupants, state and local governments and nonprofit organizations a centralized location to search the inventory of HUD properties for sale. In addition, registered real estate brokers and other organizations can place bids on behalf of their clients to purchase a HUD property.
And for those searching via mobile, applications are available for Android and iPhone, allowing prospective buyers to look on the go. Visiting a new city or neighborhood and want to learn what affordable real estate opportunities might be available? These apps are an ideal tool. The mobile app returns instant listings of available HUD homes for sale in any part of the country. The search field helps you look for homes by street, city, state, or ZIP code. Each listing features extensive information on the property, including bed/bath info, year built, square footage, pictures and maps along with the Listing Agent, Asset Manager and Field Service Manager.
What will you find among the listings? A HUD home is a 1-to-4 unit residential property acquired by HUD as a result of a foreclosure action on an FHA-insured mortgage. HUD becomes the property owner and offers it for sale to recover the loss on the foreclosure claim. Many people are interested in buying HUD owned properties because of a possible low market value of the home and a variety of financing programs available for buyers of HUD homes. Owner-occupant purchasers (people who are buying the home as their primary residence) get first bids over investors. Following the priority period for owner occupants, unsold properties are available to all buyers, including investors.
HUD does not provide direct financing for the purchase of a HUD Home, yet it may be possible for prospective buyers to qualify for an FHA-insured mortgage to finance the purchase. Homebuyers interested in acquiring a HUD Home that is in need of repair or modernization may apply for an FHA 203(k) Rehabilitation Loan. To avoid any subsequent problems, HUD urges potential buyers to get an independent professional inspection before they complete the purchase. In a home inspection a qualified inspector takes an in-depth, unbiased look at your potential new home to assess its physical condition and identify items that might need repairs or replacement.
HUD offers several sales programs designed to create strong, sustainable, and affordable communities while promoting homeownership. As part of the Good Neighbor Next Door initiative, FHA REO properties located in designated revitalization areas are available at a reduced sales price to law enforcement officers, teachers, firefighters, and emergency medical technicians. Additional discounted sales programs, commonly referred to as dollar homes and sales to nonprofits, allow local governments and qualified nonprofit organizations to purchase homes at a discount.
The website’s user-friendly interface and responsive design makes navigating through the HUDHomeStore extremely easy.
Big property portals like the HUDHomeStore and HomePath.com have made home buying an easy and comfortable process. HomePath.com lists all of Fannie Mae’s properties located in neighborhoods across the country and allows you to have instant access to lots of information about homes, prices, schools and other enlightening details that will help you purchase a home that best suits your needs. You can search thousands of move-in ready foreclosed properties, learn about financing options, access handy tools and resources, and get help with the buying process, all with one click.
Have you taken your home search mobile yet? If not, what are you waiting for?
