Take advantage of the real estate opportunities in the St. Augustine, Fl area by purchasing foreclosed properties through HUD and Bank Owned real estate. A HUD home is a 1-4 unit residential property acquired by HUD because of a foreclosure. HUD insures home mortgages through FHA and when an FHA mortgage is not paid the lender forecloses on the property. HUD pays the lender for it ‘s lost money and takes ownership. When HUDbecomes the owner it puts the property up for sale to recover some of the losses of the foreclosure. HUD does not usually make any repairs and will lower the price instead. Homes are sold AS IS so it is very important to have a thourgh home inspection. The buyers of HUD homes can ask that they pay the real estate commission and many closing costs making it a better buy. The property is usually quickly resold.
Anyone can purchase HUD homes whether paying cash, or obtaining a loan. Homes are usually offered first to people who are buying the home to live in as their primary residence. If it is unsold during the priority period for owner occupants, then unsold properties are available to all buyers, including investors. Homes are sold through a bidding procedure that requires buyers to submit their bids through HUD-approved real estate agents. Your real estate agent will assist you with the paperwork needed to make an offer. The highest bid wins.
If no bids are acceptable, the property is put on the market again. If you are the winning bidder it usually takes about a month to close and since closing comes so quickly buyers should be pre-approved before they make the offer.In order to find out what HUD foreclosures are available in your area search (http://www.hud.gov/homes/index.cfm)
For all your real estate needs in St. Augustine,Florida contact Ann Van Fleet at 904-347-6164, or visit her website www.annvanfleet.com
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