The Department of Housing and Urban Development recently released a series of how-to videos to help potential homeowners shop for a home, shop for a loan and close the deal. I must say so myself, kudos to HUD.
The videos are informative, easy to digest and well-produced. If you've ever had a doubt in the world about the homebuying process, HUD lays it out plain and simple. The first video, Shopping for Your Home, goes over what a real estate agent is, the different types and who you go about putting an offer in on a home.
The second video, Shopping for Your Loan, is probably the best, especially since shopping for a loan can be extremely confusing. But no worries, the HUD representative goes over the Good Faith Estimate document line by line! Amazing! Who knew that so many charges existed?
The last video, Closing the Deal, walks homebuyers through the process of negotiation. One footnote here: Be sure to have an attorney present and understand all documents you sign. Riiiight.
In any case, it's good to see HUD taking steps to enlighten the general public and tell them what to look out for when buying a home. Should have thought of that one in 2005.
Write toChristine Ricciardi.
Christine was a reporter with HousingWire through August 2011.
HUD’s objectives are sometimes distributed by factors ranging from politics, socio-economic disparities and even natural disasters. When American homeowners fall victim to any of these elements, HUD is not only there to offer a helping hand, but often serves as the tool that leads to recovery.