What is a HUD home?
These are homes that had Government backed loans that have gone into foreclosure. These homes vary in price but generally are $30,000-$200,000.
I have included a couple of webites for you to have a look at. The first is http://www.southwestalliance.com/ This is the Federal Government website for HUD homes. When you go to this site you will see a section for Home Buyers. Go into this area and you will find lots of good information on what you need to know in purchasing these homes.
One requirement is to have a Realtor who is registered to work these transactions. I am registered, so I can help you with the purchase of any of these. The other is my website, http://www.ladderrealty.com/ Here you'll be able to look at any properties in the North Texas area. Unfortunately, you would not see if they are foreclosures or not. For this, I'll need a little more information from you as to what type of homes you are interested in. What your budget is, how many bedrooms, what part of town do you want to purchase in. Aside from HUD homes are Bank Owned homes.
What is a Bank Owned home?
These are homes that have been foreclosed on that were not government backed loans. These are probably what you're hearing about in the News lately. There are literally hundreds to choose from. Along this line is another type of home availability called a Short Sale.
What is a Short Sale?
These are homes that are nearing foreclosure and the homeowner has worked out an agreement with the Bank to sell the home and be relieved of the loan. They agree on an acceptable price that may be "short" of what is owed on the home.
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