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If you are seriously interested in purchasing a foreclosure property, then you should consider HUD Properties. Click the link below to get your FREE Report for HUD Properties:
5 Things You Need to Know Before You Buy a HUD Home.pdf
Here are a few Questions & Answers:
1. What are the different types of foreclosure properties?
There are basically three stages to the foreclosure process. At each stage, the real estate is thought of as a distinct type of property that a new purchaser can acquire:
- "Preforeclosures" are still owned by the borrowers who are in default on one or more mortgage loan payments. www.hudhouses.com lists thousands of properties that are in this early stage.
- "Auction" properties have been posted for public sale and may be bought at the time of the foreclosure auction by arranging to pay the arrears plus other costs at the same time the lender legally takes ownership of the collateral.
- "REO" is the term for "real estate owned" by the bank, savings and loan, or other lending entity after the foreclosure sale (or "auction") is concluded with no other purchaser buying the real estate.
2 .How do I buy HUD properties?
Bids to buy HUD properties must be submitted during the bid period through a registered real estate broker. Your agent will generally submit your bid using HUD's Web-based, electronic bidding process. A computer system stores the bids until the end of the offer period, which is the bid opening date, and automatically performs the calculations to determine which bid offers the highest net proceeds.
3. How much cash do I need?
HUD requires an earnest money deposit as low as $500 (for properties that sell for $50,000 or less) that must have been supplied to your real estate agent at the time of electronic bidding. This deposit will be submitted to the HUD Closing Agent immediately after your bid is acknowledged as the winning offer. You will have time to finalize your financing, but you must submit a pre-qualification letter from a lender at the time your contract package is sent to the M&M Contractor.
PLEASE FILL IN THE FORECLOSURE FORM BELOW TO GET A LIST OF HUD PROPERTIES IN YOUR SELECTED LOCATIONS:
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