HUD Inspection – Austin Texas
There are specific forms associated with HUD homes and their inspections. A HUD home is a property acquired by HUD (U.S. Department of Housing and Urban Development) as a result of a foreclosure action on an FHA-insured mortgage. HUD becomes the property owner, offers it for sale and then sells it at market value as quickly as possible. HUD properties are sold as-is with no warranty and no repairs should be performed on a property until after the new owner has taken possession. It is critical when purchasing a home sold by HUD to get an A-Pro® HUD Inspection as soon as possible for a couple reasons:
- The HUD inspection -Austin home inspector may uncover a condition that makes the buyer choose to walk away from the deal and just forfeit the earnest money. A foreclosure is highly likely to have had maintenance ignored and the home to be neglected even abused.
- The home is vacant and the time to actual closing is often extended in a HUD transaction, any new damage occurring before closing has a realistic chance of being covered by HUD if well documented.