Buying a HUD home in Sacramento is a great way to get a good buy!
If you are looking at HUD Homes, it's important to remember purchasing these homes have a different process than a traditional sale.
During a traditional sale, the seller typically pays for a natural hazard report. HUD is exempt from providing this report and I recommend that my buyers purchase it themselves to make sure they are protected.
What is a Natural Hazard Report and why do you need it?
California law mandates that real estate buyers are provided information about natural hazards, such as earthquake and flood zones. This disclosure is provided to the buyer in the form of a natural hazard report. This report is typically paid for by the seller, but as I mentioned, some sellers are exempt from this requirement (HUD being one of them).
Here is a snap shot from a report I recently ordered so you get an idea of what is included in the report:
FLOOD HAZARD ZONES
DAM FAILURE INUNDATION
FIRE HAZARDS
EARTHQUAKE FAULT ZONES
LANDSLIDE SUSCEPTIBILITY
LIQUEFACTION SUSCEPTIBILITY
SOIL HAZARDS
NATURALLY OCCURRING ASBESTOS
RADON GAS POTENTIAL
PROTECTED SPECIES / HABITATS
NOTICE OF DUCT SEALING REQUIREMENTS
AIRPORT PROXIMITY
MILITARY ORDNANCE AND DEFENSE SITES
AREAS OF INDUSTRIAL / COMMERCIAL USE
ABANDONED / ACTIVE MINES
OIL AND GAS WELL PROXIMITY
NOTICE OF RIGHT TO FARM
It's important that you make sure as a buyer that you do as much due diligence as possible during your inspection period. You will want to understand every issue related to your new potential HUD home in Sacramento.
Although HUD will not pay for this report, if your bid included sellers closing costs, this credit can be applied to pay for this report. The cost of the natural hazard report can range from $49 to $99.
Here are some natural hazard report providers if you want to research this topic more:
http://www.nhdreport.com/
https://www.propertyid.com/platinum/default.asp
Please let me know what I can do to help you into a HUD Home in Sacramento this year! Give me a call at (916) 548-9198 and let's chat!
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