How Does a Potential Real Estate Investor Purchase HUD Homes?
What are HUD homes? When a home that has a mortgage loan that has been insured by the FHA is foreclosed by the lender, that home is then acquired by HUD. These properties are then sold to the public, usually at real estate auctions. Investors interested in HUD foreclosures must contact a licensed real estate broker who is approved to submit bids to HUD on your behalf and they will pay the selling agent's commission of up to 6 percent of the sales price, provided it is stated as a condition of the contract.
Foreclosure HUD homes are not necessarily sold at pennies on the dollar as many people think, but you can find very good deals. This is specially true if the property needs repairs, in which case the HUD will lend you the money to need to fix the HUD foreclosure home. The best way to find out about the auction dates and the HUD homes that are being auctioned off, sign up for a trial membership to our foreclosure listings.
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