If you are in the market to buy your first or next home, a HUD home could potentially save you tens of thousands of dollars on the purchase price. Government foreclosures are listed below market value for two reasons: foreclosed homes have already had their mortgages paid down by the original owners, and because HUD wants to sell the home quickly they will usually take the remainder of what is left on the mortgage or in other words the debt they’ve acquired from the foreclosed home.
In either case, finding HUD homes to purchase is not difficult to do. HUD sells foreclosed homes, also known as HUD home foreclosures all over the country through approved brokers who oftentimes advertise in the local newspaper that they are approved to sell HUD home foreclosures.
There are a lot of ins and outs when dealing with buying a government foreclosure but the reward of an affordable home is well worth it. Before entering into a contract its best to arm yourself with as much info as possible about the foreclosure bidding process, getting inspections on foreclosures, HUD programs that offer additional savings, and more here.
Seriously there are pictures of workout facilities, 2 story homes when I’m viewing a ranch home, giant beautiful walkways and lakes in backyards that do not exist in that area, trees with no leaves and snow on the ground-in Florida-are you kidding me!
So just as the financial institutions do when properties come back to them as real-estate owned (REOs), the agency has real estate professionals represent their interest in selling these HUD foreclosures to the public through an established contractual process.