Whether you are an experienced investor or new homebuyer, buying foreclosed properties from the United States Department of Housing and Urban Development (HUD) is a great way to save your money in today's real estate market. The market for HUD Homes has become very popular. These homes, acquired by the Department of Housing and Urban Development, are the result of a foreclosure on FHA-insured mortgages. HUD Homes have become viable investments since these properties can be found below market value.
When homeowners with HUD-insured mortgages default on their loans, servisors forecloses the properties and HUD sells them to the general public at public auctions or Multiple Listing Services. It is offered for sale at market value, based on a recent AS-IS appraisal, meaning, the market value in its current condition.
HUD needs to sell these properties quickly to recover as much as possible. HUD homes are listed for sale by management companies under contract to HUD. No special commitments are required to buy a HUD home. However, you do need to work with restate broker registered with HUD who may submit an offer and contract to purchase on your behalf. Swift Realty.com is One of Registered Brokers with HUD.
Almost anyone can buy a HUD Home! If you have cash or can qualify for a loan (subject to certain restrictions) you may buy a HUD Home. HUD Homes are initially offered to owner-occupant purchasers (people who are buying property as their primary residence). Following the priority period for owner occupants, unsold properties are available to all buyers, including investors.
When you buy HUD Property you should get a Home Inspection. HUD does not warrant the condition of its properties and will not pay for the correction of defects or repairs. All HUD Homes are sold AS-IS. Since the new owner will be responsible for making needed repairs, HUD strongly urges every potential homebuyer to get a professional inspection upon acceptance of offer to purchase.
HUD does not provide direct financing to buyers of HUD Homes. Buyers must obtain financing through either their own cash reserves or a mortgage lender. It also may be possible for you to qualify for an FHA-insured mortgage to finance the purchase.
SwiftRealty.com maintains the largest database of HUD foreclosures for sale. We will assist you, the home buyers, with locating HUD homes throughout Minnesota and Western Wisconsin. While purchasing a HUD home can be a very good business decision for you, it includes all of the details inherent in any real estate transaction plus some thrown in because of the type of transaction. We will help you with finding and winning the bid on your HUD home, helping with finding appropriate financing, closing and owning your new home.
We have experienced HUD Home Realtors to answer any questions and assist you in purchasing your New Home. Making your HUD home buying process will be as enjoyable as it is monetarily rewarding!