For many the idea of a HUD Home brings to mind the image of a home that is completely run down and perhaps in a less than desirable section of town. Any individual who can qualify for a mortgage or who can pay cash may purchase a HUD home. There are many investors waiting for HUD homes to make it to the investor bid period, and most good deals will get bid on the first day an investor can bid. A HUD registered real estate agent or broker must place an offer in the form of an electronic bid on behalf of the client.
Owner-occupants are not eligible if they have purchased a HUD property in the past two years. Current mortgage rates represent a bargain – and that goes double if you can find a great deal on a HUD home. HUD does not foreclose on properties, the banks that take out the loans foreclose and then HUD takes possession if the bank wants to use the FHA insurance.
The Housing and Urban Development (HUD) inventory of foreclosed homes solved his problem when he found a condominium – in reasonably good condition – for $27,500 in Spokane, Wash. Lender-owned homes in popular neighborhoods or in good condition may attract many purchase offers and may even sell for more than their listing prices.
Approved Government Entities can bid on homes in lottery, exclusive, and extended phases provided they are in approved purchase areas. Traditionally, however, HUD homes have been in better shape than the average VA property. We can help you with all of your lender owned, bank owned, short sale and HUD needs.
In addition to offering America’s largest and most accurate searchable database of foreclosed properties, provides you with helpful links and resources to help you learn everything you need to know about the foreclosure process and buying a HUD home.