ENCEL HOMES REALTY LLC Vince Cillino, NYS Real Estate Broker
241 Andrews Street, Rochester, NY 14604
Phone  585-482-8800 Fax  585-482-7653


 


Frequently Asked Questions About.....

 

What is a "HUD Home"? 
Answer:   When someone with a HUD insured mortgage can't meet the payments, the lender forecloses on the home.  HUD pays the lender what is owed and HUD takes ownership of the home. Then we sell it at market value as quickly as possible.  It stands for the "Housing and Urban Developement".

Why should I buy, instead of rent?
Answer:   A home is an investment. When you rent, you write your monthly check and that money is gone forever. But when you own your home, you can deduct the cost of your mortgage loan interest from your federal income taxes, and usually from your state taxes. This will save you a lot each year, because the interest you pay will make up most of your monthly payment for most of the years of your mortgage. You can also deduct the property taxes you pay as a homeowner. In addition, the value of your home may go up over the years. Finally, you'll enjoy having something that's all yours - a home where your own personal style will tell the world who you are.

How do I buy "HUD Home"?
AnswerFirst you need to see which homes are available by searching "HUD Homes" in the "search" section of our website, or you can click here:
http://encelhomes.idxre.com/toppicks/66286/HUDGovernmentOwned/167817
.

Call us at 585-482-8800 and one of our HUD Certified Real Estate agents will show you the home and submit the bid offer for you. Normally, HUD Homes are sold in an "Offer Period which is usually 10 days."

At the end of the "Offer Period", all offers are opened and, basically, the highest bid is accepted. If the home isn't sold in the initial Offer Period, you can submit a bid any business day. If your bid is acceptable to HUD, your Encel Real Estate agent will be notified, usually within 48 hours.  We are with you every step of the way until you close and move into your new home.  

So the most important thing to remember is that Encel Homes Realty LLC are HUD experts!  Encel Homes is a Certified HUD Broker. 

If my bid is accepted, then what happens?
Answer:   Your Encel Home Realty LLC agent will help you through the paperwork transaction will occur. We have an excellent booklet to help you understand the settlement process: "Buying Your Home - Settlement Costs and Helpful Information." When you buy a HUD Home, the selling agent's commissions are paid by HUD.    
Call us right away when you see one you like at 585-482-8800!

Who can buy a HUD home? 
Answer:   Anyone! If you have the cash or can qualify for a mortgage, you can buy a HUD home.

Are HUD Homes meant for people with low incomes? 
Answer:  HUD homes range in price, but most are affordable for low and moderate income Americans.

Is it true I can get a HUD Home for a dollar? 
Answer:   No. HUD sells homes at market value which means that the price is set based on the price of similar homes sold in the area.

If the HUD Home needs repairs, will HUD make them? 
Answer:  HUD Homes are sold "as-is," without warranty. That means that HUD will not pay to correct any problems. But even if a HUD Home needs fixing up, and not all of them do, it can be a real bargain! For example, HUD's asking price on the home will reflect the fact that the buyer will have to invest money to make improvements. HUD might offer special incentives such as an allowance to upgrade the property, a moving expense allowance, or a bonus for closing the sale early. Keep in mind that on most sales, the buyer can request HUD to pay all or a portion of the financing and closing costs. Your Encel Homes Realty LLC will have details.

If you are interested in acquiring a HUD Home that is in need of repair, you may be interested in applying for an FHA 203(k) Rehabilitation Loan.  When a homebuyer wants to purchase a house in need of repair or modernization, the homebuyer usually has to obtain financing first to purchase the dwelling; additional financing to do the rehabilitation construction; and a permanent mortgage when the work is completed to pay off the interim loans with a permanent mortgage. Often the interim financing (the acquisition and construction loans) involves relatively high interest rates and short amortization periods. The Section 203(k) program was designed to address this situation. The borrower can get just one mortgage loan, at a long-term fixed (or adjustable) rate, to finance both the acquisition and the rehabilitation of the property.

We strongly encourage you to get the home professionally inspected before you make an offer, so you will know what repairs you may have to make BEFORE you submit your bid.

203(k) - How It Is Different
Answer:   Most mortgage financing plans provide only permanent financing. That is, the lender will not usually close the loan and release the mortgage proceeds unless the condition and value of the property provide adequate loan security. When rehabilitation is involved, this means that a lender typically requires the improvements to be finished before a long-term mortgage is made.

When a homebuyer wants to purchase a house in need of repair or modernization, the homebuyer usually has to obtain financing first to purchase the dwelling; additional financing for the rehabilitation; and a permanent mortgage when the work is completed to pay off the interim loans with a permanent mortgage. Often the interim financing (the acquisition and construction loans) involves relatively high interest rates and short amortization periods. The Section 203(k) program was designed to address this situation. The borrower can get just one mortgage loan, at a long-term fixed (or adjustable) rate, to finance both the acquisition and the rehabilitation of the property. To provide funds for the rehabilitation, the mortgage amount is based on the projected value of the property with the work completed, taking into account the cost of the work. To minimize the risk to the mortgage lender, the mortgage loan (the maximum allowable amount) is eligible for endorsement by HUD as soon as the mortgage proceeds are disbursed and a rehabilitation escrow account is established. At this point, the lender has a fully-insured mortgage loan.

.

How can I find out what HUD Homes are for sale? 
Answer:   Though there may be many  HUD Homes are available right now because of what has happened in the housing market.  Contact  ENCEL HOMES REALTY LLC at 585-482-8800 or email us at encelhomes@yahoo.com .  We can help you from there.

How can I get a loan to buy a HUD Home? 
Answer:   HUD doesn't make loans directly, however we do have a number of mortgage insurance programs that could help you buy a home.  You can read about those programs here.  Then contact a HUD approved lender, who will take you through the steps and actually make the loan.  ENCEL HOMES REALTY LLC can recommend several HUD approved lenders.

Can I buy a HUD Home as an investment? 
Answer:   Most HUD Homes are initially offered on a priority basis to owner occupant purchasers (people who are buying the home as their primary  residence).  Following the priority period, unsold properties are then available to all buyers, including investors.

 Is there anything else I should know about HUD Homes? 
 Answer:  We encourage every home buyer and homeowner to be a wise consumer, so be sure to read our Consumer Information. Houses built before 1977 may have lead based paint, which can cause harm to your family; so be sure to read about this hazard and about what you would need to do to correct it. 

Call us today to see what HUD Homes may be available at (585) 482-8800 
OR email us at
encelhomes@yahoo.com.

 

 Encel Homes Realty LLC is a HUD certified broker, although not exclusive  

________________________________________________________________________________________________  

Frequently Asked Questions About

  HOMES   

What is a "VA Home"?
                  When someone with a VA (U.S. Dept. of Veterans Affairs) insured mortgage can't meet
                  the payments, the  lender forecloses on the home; VA pays the lender what is owed; and
                  VA takes ownership of the home. Then we sell it at market value as quickly as possible.

            1.   Who can buy a VA home?
                  Answer: VA Homes are available to everyone. If you have the cash or can qualify for a
                  mortgage, you can buy a VA home.

           2.   Are VA Homes meant for people with low incomes?
                  Answer: VA homes range in price, but most are affordable for low- and
                  moderate income Americans.

            3.   Is it true I can get a VA Home for a dollar?
                  Answer: No. VA sells homes at market value- which means that the price is
                  set based on the price of similar homes sold in the area.

            4.   If the VA Home needs repairs, will VA make them?
                  Answer: VA Homes are sold "as-is," without warranty. That means that VA
                  will not pay to correct any problems. But even if a VA Home needs fixing up -
                  and not all of them do - it can be a real bargain! For example, VA's asking
                  price on the home will reflect the fact that the buyer will have to invest money
                  to make improvements. VA might offer special incentives such as an
                  allowance to upgrade the property, a moving expense allowance, or a bonus for
                  closing the sale early. And keep in mind that on most sales, the buyer can
                  request VA to pay all or a portion of the financing and closing costs.
                  Your Encel Real Estate agent will have details. 

           5.   How do I buy a VA home?
                  Answer: Start by calling ENCEL HOMES REALTY LLC at 585-482-8800.  One of our
                  VA Certified Real Estate agents will show you the home and submit the bid for you.

                  Normally, VA Homes are sold in an "Offer Period." At the end of the Offer
                  Period, all offers are opened and, basically, the highest bid is accepted. If the
                  home isn't sold in the initial Offer Period, you can submit a bid any business
                  day. If your bid is acceptable to VA, your Encel Real Estate agent will be notified,
                  usually within 48 hours.

           6.   If my bid is accepted, then what happens?
                  Answer: Your Encel Homes Realty LLC agent will help you through the paperwork process.
                  You'll be given a settlement date, normally within 30-60 days, where the
                  transaction will occur.

  

            For answers to any other questions CALL 
ENCEL HOMES REALTY LLC at 585-482-8800 or email us at encelhomes@yahoo.com

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Vince Cillino
ENCEL HOMES REALTY LLC
Ph: 585-482-8800Fax:585-482-7653
241 Andrews Street
Rochester, NY 14604 US
Licensed Real Estate Broker 37CIO940783
www.encelhomes.com
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