Settlement on a HUD home

Your closing will take place about 45 days after HUD accepts your contract. Before you settle (close on your home and take possession) you (with your agent's assistance) will need to prepare for the closing.

Mortgage:

Before you placed your HUD bid you got a prequalification letter from a lender. Now you need to apply for your mortgage.

Survey: You should (and your mortgage company may require) that you get this.

<>Home Inspection: A average home inspection takes about 2 and 1/2 hours. HUD may have already arranged for a home inspection. If so, a copy will be available to you.  HUD homes are sold "AS IS".  A home inspection will allow you to get a better idea of what "as is" - is.

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