A great place to find foreclosure listings in the Housing and Urban development website. This is a government organization with an aim to make homes available to those of moderate incomes. Buying a home through HUD can be a lengthy process but usually worth it. Homes can be bought at good prices and low interest mortgages can be arranged.
The Housing and Urban Development organization is aimed mainly at individuals and families looking to purchase a home. However, investors are not left out. Usually the homes go through a bid period set by HUD. Individuals then bid on the property via their real estate agent. If the property is not sold to an individual or family then investors are invited to join in. If an investor does purchase the property through HUD they are allowed to do with it what they choose. They can rent it out or fix it up and sell it on just like any other property.
Buying a foreclosed home through HUD is similar to purchasing other homes. You must first figure out how much you can afford. Once you have done that, you need to find a real estate agent in that area that is authorized to sell HUD homes. Once you have done this, you need to get pre-approval for financing. You can get approved up to a certain amount and this number will be given to you real estate agent. Once this step is completed you can submit your bid online.
Once your bid is accepted, then you are highly encouraged to have the home inspected. All of the homes are sold on an as is basis and HUD makes no repairs. Some homes are in a good condition but many need a large amount of work.
The housing and Urban Development office lists foreclosed properties in every state. Their priorities are individuals but investors are often allowed to take part. There are some great opportunities available when purchasing a home through HUD. By following the rules both individuals and investors can benefit from foreclosure investing.