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HUD Foreclosures
With the growing number of foreclosed properties,
also brings an increase in HUD homes to the market. HUD (Department
of Housing and Urban Development
) receives their properties from FHA
insured loans that have been foreclosed on.
When someone with a HUD insured
mortgage becomes delinquent on their payments, the finance company
forecloses on the home and HUD pays the lender what is owed. At that point, HUD
takes ownership of the home and sends it to the management company to sell.
The process of
buying a HUD home is quite different from any other residential real estate
transaction.
HUD homes
can only be obtained through an electronic bid and some are offered to a select
segments of the public first at a specific date and time before the general
public can have their chance. When a bid is submitted you will not know who, how
many people, or how much someone else is bidding. When a HUD property is listed
on their web site it will be available to owner occupant first, giving a person
who wants to live in the house an advantage over the investors who are looking
to profit from the deal. This initial bid is usually offered through one week
and after the bid deadline
anyone may make an offer, and bids are reviewed daily.
Typically, because the foreclosures have to be
processed through two institutions that move equally slow, these properties will
be vacant much longer then other bank owned properties, and when viewing HUD
homes, the utilities will not be on, so go during the day and inspect the
property well. The longer a house sits vacant, gives more opportunity for
problems to creep in. HUD does have a complete inspection done on each property
and that is made available through their web site via a real estate agent. This
inspection report will indicate any needed repairs at the time inspection,
giving a potential buyer some idea of the condition of the house, but it's still
a good idea to inspect
the house before you make an offer so you will know what repairs you may have to
make BEFORE you submit your bid.
HUD Homes are sold
"as-is," without warranty. That means that HUD will not pay to correct any
problems.
On most sales, the buyer can
request HUD to pay all or a portion of the financing and closing costs up to
three percent and, the real estate agents fee can also be included in the bid.
We can provide you with a list of HUD
properties for any city in Texas or the us.
Bids on HUD properties must be
made through a licensed real estate agent or broker. If you would like more
information about buying HUD homes or would like to make a bid, give us a
call or e-mail us and we will be glad to provide you with the answers you need.
Jay A Hendrick
William
Davis Realty
8856 Coleman
Blvd
Frisco, Texas
75034
Cell:
214-336-7088
Voice/Fax: 972-248-5991
jay@foreclosuresfrisco.com
www.ForeclosuresFrisco.com
www.RealEstateDal.com
Member: NAR TAR
CCAR
Frisco
foreclosures offer a tremendous amount of value and we also service Allen,
McKinney, Prosper, Plano, Lewisville, The Colony, Sachse, Wylie, Murphy,
Richardson, Carrollton, Flower Mound, and many other areas around DFW.
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