Want to buy a Home at a 50% Discount? Who Doesn’t, obviously it depends on the home and details. There are HUD homes on Rare occasion that are offered for a 50% discount through what they call the Good Neighbor Next Door (GNND) program. The status on these may also say “Lottery” and that is probably because these homes are so far and few between that you really would have to be lucky to pick up one of these homes.
What’s the Catch? You have to be a Teacher (pre-K through 12th grade), Firefighter, EMT, or a Law Enforcement worker in the District of where the home is located. You must also commit to living in the home for 36 months.
You can search LOTTERY Good Neighbor Next Door HUD homes available in all of Colorado at this link:
There are No Lottery Homes at this time
These properties are not always listed on the Pikes Peak MLS and so may not show up on the major search sites. Your Realtor should keep an eye out for you if you are a Teacher, Firefighter, EMT, or Law Enforcement worker. A lot of the times these homes need a lot of work but at a 50% discount there is usually always good margin after fixing it up that you will have great instant equity. There are loans for properties that need Rehab that are not discussed here.
You can search yourself if you like on the HudHomeStore.com site for “Good Neighbor Next Door” properties, however you will need a Realtor to submit a bid on these or any other HUD properties on the site. You will also need to be pre-approved from a lender or have cash on hand to submit a pre-approval letter or verification of funds letter respectively within 2 days after a bid being accepted. If you want more details on this program call Realtor Jerrod Butler.
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