Buy a Home Real Estate or Property from HUD
November 25th 2005
Visit the HUD
Like anyone stuck
with foreclosed property the Department of Housing and Urban Development
(HUD) is looking to sell their assets. HUD takes properties back when
homebuyers fail to make payments on FHA loans. It is in HUDís best
interest to not lose money on these deals.
In an effort to
curb losses HUD has assigned various professional brokerage firms around
the country to handle their asset sales. For instance in Southern
California HUD has assigned Pemco to handle all HUD foreclosure sales.
In New York HUD assigned National Home Management Solutions to provide
the brokerage services. HUD has a
link to the various
assigned brokerage firms throughout the country.
These HUD brokers
will usually have a search box on their website so you can locate the
available properties. You will want to find a HUD registered broker to
assist you in viewing the properties. These agents / brokers will have
keys or codes to allow access into the properties. There is a list of
brokers available on the various HUD listing broker sites.
There are bargains
out there. HUD does not usually like to spend a lot of money revamping
properties to increase their value. Previous tenants may damage the
property before they leave.
There are some
real fixer uppers out there. After viewing some properties you may wish
to place a bid on one. This can be done through one of the approved
brokers. There are forms to fill out and your agent will walk you
through the steps.
You may be outbid.
This usually happens when a property first comes on the market.
Sometimes HUD does not accept the first bids or in rare cases no one
bids on the property. Some properties may sit on the market for years
before someoneís bid is accepted. This may happen rarely in this hot
real estate market.
Best Syndication Staff Writer
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