How do I qualify to buy a HUD home in Arizona?

Any qualified buyer can make an offer on a HUD home through the services of a registered HUD real estate broker.  A qualified buyer is one who has the means and the ability to purchase a HUD home.  As stated before, this would be a buyer (whether it is a first time home buyer, teacher, police officer, investor, or non-profit organization) that is pre-approved for a mortgage (or has the verifiable amount of cash to purchase the home), has the required earnest money (see below), has the ability to close the transaction within 30 to 60 days, and is utilizing the services of a HUD registered real estate broker (click here to find a HUD registered real estate broker).

The process of buying or offering on a HUD home differs from a typical residential real estate transaction.  In residential real estate, the buyer finds the home he or she likes and the agent presents an offer to the seller.  The seller may counter the offer and this process continues until 1) the buyer and the seller find mutually agreeable terms to close the deal or 2) the buyer or the seller rejects the terms and both move on with their lives.

There are no negotiations between buyer and seller when buy a HUD home.  HUD homes are sold by a sealed bidding process where the highest netting bid (i.e. after all costs are paid, the net amount that HUD will receive for the home) wins the sale.

There is no haggling about price because everything is spelled out in black and white when making an offer.  If the offer is the highest grossing offer for HUD, they generally accept it.

What's more, HUD responds promptly to the offer, and if it is accepted, closing on the home will usually occur within 30 to 60 days.