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Buy Foreclosed And Repossessed Homes
How Do You Find Government-Repossessed Homes?
The U.S. Department of Housing and Urban Development (HUD) sells homes acquired as a result of a Foreclosure on a FHA-insured Mortgage. These properties are available for sale to both homeowner-occupants and investors. You can only purchase HUD-owned properties through a licensed real estate Broker. HUD will pay the broker's Commission up to 6 percent of the sales price.
Single-family homes, townhouses, condominiums, and other types of residences are offered by HUD. These homes range in price, but most are affordable for low and moderate income Americans. Down payments vary depending on whether the property is eligible for FHA insurance. If they are not eligible, payments range from the conventional market's 5 to 20 percent. HUD homes are also offered on the sales market at fair Market Value, based on a recent Appraisal.
Beware. HUD homes are sold "as is," meaning that limited repairs may have been made, but most likely there are no structural or mechanical warranties. These homes can often be a great, affordable opportunity to make money from in the future.