When I accepted my first job after college in St. Louis, I and my husband decided that it was time for us to buy a house rather than rent as we had done for the past four years. Being the frugal girl that I am, I also wanted to get the most bang for my buck.
I also had to consider where we wanted to live – did we want to opt for perfect school districts and higher prices, bad neighborhoods and low prices, or find somewhere middle of the road? After giving it much thought, we settled on a middle-of-the-road house that we could live in until our daughter went to school, and then move to better school districts and rent out the old house. With these considerations in mind, we settled on a neighborhood that had some homes priced middle-of-the-road, but there were many that had been foreclosed on and were now short sales or HUD homes.
It quickly became clear that these foreclosed homes would give us the most value, provided we could find one that had either not been trashed or only needed some elbow grease to become livable again. At first, we started out considering both short sales and HUD homes, but it quickly became clear that short sale homes were the more difficult of the two options, so we narrowed our search to HUD Homes only.
What is a HUD Home?
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