Foreclosures For Sale Updated On: 11/19/09
Who Is Eligible for HUD Properties?
Who Is Eligible for HUD Properties?
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Anyone who is pre-approved for a mortgage or has enough cash on hand can buy HUD foreclosed homes. Most low and moderate income families can afford HUD properties because they are usually available at below market prices. A person who plans to buy a HUD home for his or her primary residence has priority over other potential buyers. This priority expires after a pre-set time and the property then becomes available to all qualified buyers.
Even relatives and employees of the United States Department of Housing and Urban Development can buy HUD foreclosure for sale. Employees and their relatives must receive prior approval in writing from the Director of HUD's Office of Single Family Asset Management before making an offer. Paragraph 10-29C of Handbook 4310.5, REV-2, Property Disposition Handbook-One to Four Family Properties, spells out the exact requirements when purchasing a HUD-owned single family property.
At E-Foreclosuresearch's foreclosure listings you can find thousands of HUD foreclosure properties to purchase. HUD foreclosure properties that are placed for sale at or below current market value and that can only be bought through approved real estate agents. Approved agents are allowed to submit bids any day of the week, including holidays and weekends. Bids are reviewed quickly and in most cases, the highest bid is accepted. If no acceptable bid is received, the home stays on the market until sold. HUD properties are sold "as-is," so a prudent buyer will hire a professional home inspection before submitting a bid. HUD does not pay for needed repairs or defects found. It is important to note that renovations and repairs can add significantly to the cost of a home purchase.
Once a bid is accepted for the HUD home, the real estate agent will be notified by HUD within two days. Settlement generally takes 30-60 days. During this time, financing is approved and the sale is closed. If the property is not closed on by the settlement date, the earnest money is forfeited or an extension is granted. Our foreclosure listings database provides thousands of properties for sale including HUD foreclosure listings. Sign up for our 7-day trial membership and start looking for HUD foreclosure properties in our extensive foreclosure listings database.
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