Real Estate Foreclosure Information

Buying a foreclosed home can really save you money if you do your homework ahead of time and know what you are looking for in a foreclosed home.  Be cautious as some foreclosed homes are in rough shape and require lot's of renovation and remodeling to meet your expectations of quality and lifestyle demands.  Others are deal of a lifetime due to financial issue of the previous home owner.  Free information on-line is available at the Housing and Urban Development (HUD) Web site.

What is a HUD Home?
A Foreclosure HUD home is a 1 to 4 unit residential property acquired by HUD as a result of a foreclosure action on an FHA-insured mortgage. HUD becomes the property owner and offers it for sale to recover the loss on the foreclosure claim.

Who can buy a HUD Home?
Almost anyone! If you have the cash or can qualify for a loan (subject to certain restrictions) you may buy a HUD Foreclosure home. HUD Homes are initially offered to owner-occupant purchasers (people who are buying the home as their primary residence). Following the priority period for owner occupants, unsold properties are available to all buyers, including investors.

How are HUD Homes sold?
All foreclosure properties available for purchase by the public are offered for sale at (see last link below) maintained by management companies under contract to HUD. Any real estate broker registered with HUD may submit an offer and contract to purchase on your behalf. HUD pays the real estate broker's commission, if included in the contract.
 
Are there any special programs?
Foreclosure properties in designated areas are available at a reduced sales price to police officers, teachers, firefighters, emergency medical technicians, nonprofits and local governments. Read more about these Good Neighbor Initiatives at the HUD website.

Should I get a home inspection?
We encourage you to get an inspection of a foreclosure home after your offer is accepted. All HUD Foreclosure homes are sold AS-IS, without warranty. HUD will not make repairs nor pay to correct any problems.

What about financing?
Although HUD does not offer financing directly, some of our foreclosure  homes qualify for FHA-insured loans. Shop around for a lender to find the best loan terms. Find out how an FHA loan can help you.

Additional Foreclosure Real Estate Sites:

RealtyTrac is a subscription-based, one-stop shop for people looking to find a property, whether for personal use or investment. With over 650,000 foreclosure properties and over 1,000,000 total properties updated daily, a solid member base and more than 2.5 million unique monthly visitors, RealtyTrac is the nation's largest online source of Pre-Foreclosure, Auction, and Bank-Owned homes.

RealtyStore is the fastest growing provider in the Foreclosure and discount real estate marketplace. They have the premier database of foreclosure properties, which sell for much less than "ordinary" homes (up to 50% less according to industry reports).