Special offer

5 Tips for Buying a Foreclosure 4 of 5

By
Real Estate Sales Representative with Re/Max

4. Think about a HUD Home. A HUD home is a home that was taken by the Department of Housing and Urban Development because the previous owners had mortgages that were insured by the government. They currently have about 39,000 homes in their possession. After a foreclosure it takes them about six months to get the home back on the market, Local Governments get the first chance to buy. After that buyers who promise to actually live in the home get their chance. If the home is still on the market after 10 days the bidding is then extended to investors. According to recent research, around half of the properties go to owner occupied buyers. A HUD home is often times a better bargain because they usually take the time to winterize their homes as well as keep the price updated by having frequent appraisals.

 

 

Comments (0)