13 April 2007

My New Internet Obsession

It's no secret that I don't particularly like my apartment. Obviously it's been fine enough to keep me there for the past two years, and it's fine enough to keep me there for another year or so, but I am still obsessed with owning a real house. The thought of having closet doors that aren't metal, bathroom mirrors in which I can actually see myself, and a real yard is really dreamy. But with the real estate market being what it is here in D.C., I have to obsessed with owning a real house in some place other than D.C. However, my real estate biz mom recently told me about HUD homes. I started looking at them on Tuesday and haven't stopped since. A house in Baltimore for only $20,000?! Are you kidding?! So what if its roof is falling apart, the toilet is missing, and there's no garage door?! Just kidding. I only slightly care about those things. And here's the kicker: if you are a policeman, EMT, or a teacher, you can buy one of these properties in a "revitalized area" and save 50%.

Problem is, I don't know anything about buying HUD homes. I know that they are sold "as is" with no warranty. I know that you have to use a real estate agent to place the bid. I know that some of them have severe problems. But other than that, does anyone have any experience with them? Should I be scared to buy one of them? Or is this an option that we should seriously consider? Help!

4 comments:

Gretchen said...

You know what they say about "too good to be true" - it's generally not true. I'd approach this with a healthy dose of skepticism. But if you do indeed buy a house in the revitalization area of Baltimore - I'll buy a flak jacket and come up to visit you often!

Camie said...

I know a little about the process of buying one, but not necessarly the homes themselves. A hud home is basically a house where the previous owner defaulted on a mortgage that was insured by FHA. And if I remember correctly to buy one as a teacher at 50% off you have to teach in the area you buy and you have to occupy the property for at least 3 years....I could be wrong...the last time I actually used this info was about 4 years ago. I'll do some research and get back to you.

niederfam said...

I seriously know NOTHING about this.....however I'm interested to see what else you learn.

erin said...

cam, yeah, all that stuff i saw. the discount is still true and so is ther three years. but looking at the state of those homes in the revitalized areas in baltimore...whoa nelly. it was SCARY! we'll have to see about this. it was bad enough to scare me off for a while.