Buy a Home for 50% Off?

mikejgold For My Buyers , Real Estate Leave a Comment

Would you like to buy a home for 50% off the listing price?

Believe it or not, you might be eligible to do just that. The U.S. Department of Housing and Urban Development has a program called “Good Neighbor Next Door,” designed to help put hardworking people in homes for a significant discount. From the HUD website:

“Law enforcement officers, pre-Kindergarten through 12th grade teachers, firefighters and 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.”

(Source: http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/reo/goodn/gnndabot)

The program requires you to buy an eligible single family home in designated revitalization areas, and you may search for listings online using the HUD portal here:

http://www.hudhomestore.com/Home/Index.aspx

One of the real benefits to this program is the significant upside should you decide to sell the home after your three year occupancy. When you sell, you are entitled to keep the entire profit from the home, even though you purchase it for half of its listing price. You don’t even have to be a first-time buyer to participate in the program.

Details about financing, occupancy commitments, revitalization zones and more can be found on the FAQ page concerning the Good Neighbor Next Door program:

http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/reo/goodn/gnndfaq

Oh, and there’s also one more catch… you must work with a real estate agent or broker in order to buy the home.

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mikejgold