Green Bay Wisconsin Real Estate Foreclosures Part 4 HUD Foreclosures

We've talked about short sales and bank owned foreclosures in the Green Bay Real Estate Market.  We now get to talk about my favorite kind of foreclosure's.  HUD Homes (Housing Urban Development).  A HUD Home is a property that was previously financed with an FHA insured mortgage and where the owner has defaulted on the loan. The lender, then, forecloses on the home. FHA pays the lender what is owed; and the lender transfers ownership of the home to FHA/HUD. Then, HUD sells it at market value.  You can view HUD homes in Wisconsin here.


For anyone that has had any dealings with trying to purchase foreclosures, you already understand how difficult and cumbersome of a process it can be.  Short sales can take months to move forward with no guaranteed end in sight.   You may have experience with bank owned foreclosures that don't seem to understand the term "Time is of the Essence".  HUD Homes are completely different.  HUD hires third party contractor's that manage different regions.   The contractor that manages our region is Best Assets.  Buying a HUD home is a completely different process than your traditional submit an offer and wait.  They have a great electronic bidding system in place that produces results and get's our clients answers in a reasonable amount of time generally in 24 hours.   You don't submit an actual offer to purchase until your bid gets accepted.  This is a breath of fresh air compared to the traditional process.


So what else make's HUD such a great opportunity?  HUD home's are generally priced very aggressively.  They understand how to move properties, there needs to be clear value for the buyer.  If a property doesn't move they are not afraid to have drastic price cuts.  They also provide you with their pre inspection report of the property that can be viewed before you even step foot in a house.  I strongly recommend that you get your own Home Inspection.

They also have a program called the Good Neighbor Next Door Program.  Any full-time law enforcement officer, teacher, or firefighter/emergency medical technicians can purchase a home in a Revitalization areas and receive a 50% discount off of the list price.  They conduct a random lottery to find the winner.  This program is really unbelievable.  I remember a time that I called down to Sheboygan Fire Department and let them know of a property that fit this criteria.  The receptionist basically laughed at me on the phone and I don't blame her as it sounds way too good to be true.    After sending over an email with all of the information she was a believer.  

To purchase a Wisconsin Real Estate HUD home you need to work with an agent who works under a HUD Approved broker.  Green Bay Homes Greg has extensive experience in selling HUD homes and has training in the unique contracts and process.  I want you to be my next testimonial.