Foreclosures For Sale Updated On: 11/06/09
Understanding HUD Foreclosures
Understanding HUD Foreclosures
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The U.S. Department of Housing and Urban Development acquires homes through foreclosure of FHA insured loans. These HUD foreclosed homes include many types of homes, such as condominiums, single-family homes, and townhouses.
If a homeowner cannot pay their mortgage on a home that is HUD insured, the lender forecloses on the home and then transfers the ownership to HUD. The bank collects the amount that is owed on the loan. The home then becomes a HUD foreclosed home and is offered at market value.
HUD foreclosure properties are always sold on an "as is" basis. This means that anything that is wrong with the house becomes your problem once you buy it. Getting a professional home inspection before making a bid on a HUD foreclosed home listing is a good idea. Repairs, renovations and replacements can add a lot to the cost of a home you have purchased.
It is also a good idea to ask for the commission for the selling agent to be paid by HUD as a condition of your bid, so that you don't end up paying for it our of pocket.
Our site can provide you with a comprehensive list of other tips and hints when buying HUD foreclosure properties. This is in addition to our extensive foreclosure listings database of HUD homes in your area. Sign up for our seven-day trial membership and see what we can do for you! Start searching our foreclosure listings database to find a perfect home for you and your family.
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