In today’s tight housing market, finding an affordable property can seem as difficult as finding a needle in a haystack. Fortunately, with the right tools and help, finding the right home for you in Tulsa, Oklahoma is easier than ever. If you’re thinking of purchasing a property, read on to learn how you can make the home-buying process easier.
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Consider buying a property as-is
Buying a property as-is means that the seller is disclosing upfront that the property you’re looking at is being sold in the condition you see it. There are no additional warranties, repairs, or discounts being offered to account for any flaws that might be present.
To offset the risks associated with these purchases sellers often will list these proeprties for a significant discount. While the as-is label often is associated with teardowns and properties that are expensive to repair, sellers may go this route because they want to sell their homes quickly without the hassle of completing upgrades.
While purchasing a home as-is may seem daunting, you can simplify the process by working with a trusted Tulsa real estate agent because they know the ins and outs of the territories they service.
Look into purchasing a HUD home
HUD stands for the U.S. Department of Housing and Urban Development which is a government agency responsible for helping individuals and families find affordable properties. HUD homes are affordable because they become available when the Federal Housing Administration (FHA) forecloses on homes that they have liens on.
Although HUD properties are very affordable there are a few requirements to consider. These include:
- The buyer must be owner-occupant purchasers who intend to use the property as their primary residence for at least a year.
- Buyers can only purchase one HUD property every two years.
- HUD properties can only be sold through approved real estate agents/brokers via auction
- Buyers are advised to arrange financing in advance of their purchase.
Since HUD houses are only sold at auction, buyers must follow strict timelines for submitting bids. After the auction ends, HUD will review the bids and notify your real estate agent if a counteroffer is required or you have won the auction. They don’t reach out if your bid is declined, however, agents are able to view bid statuses via an online portal.
HUD homes are sold as-is, which is why homebuyers are advised to retain a professional home inspector to give the property a once-over within the due diligence period.
Secure an FHA loan and/or arrange down payment assistance
The final tip we’ll cover in this article is FHA loans and down payment assistance. There are thousands of down payment assistance programs nationally which cater to a wide variety of buyers. To qualify for down payment assistance you’ll generally need to be a first-time homebuyer who is purchasing property as an individual.
Other key requirements include using the property as your primary residence, financial workshop attendance, adequate income, and solid credit.
