How Can You Find New HUD Homes Listed for Sale?

How Can You Find New HUD Homes Listed for Sale

?

Earlier this fall the Department of Housing and Urban Development (HUD) selected new asset managers to promote their inventory of bank-owned HUD properties. They took over at the beginning of October, and there has been a relatively good confusion on how to find new HUD homes listed for sale.

Before the new HUD asset managers took over, there was one website to visit, enabling you to easily search for HUD homes from coast to coast. HUD homes was previously for auction on Fridays. All new listings were available to owner occupants just for Ten days. If no acceptable offer was received by day 10, everyone was allowed to invest in HUD homes.

Now, the search is becoming more complicated. To begin with, tow or three asset management firms have the effect of marketing HUD homes in every state. HUD homes are now for auction on every day basis and exclusively available to owner occupants for a full Thirty days. Only uninsured homes can be purchased by investors 5 days after they are listed.

HUD created a new web site to show all of their listings - HUDHomeStore.com . It offers a completely new interface which can be simpler, however it is really less powerful as the old website.

About the main page from the HUDHomeStore you may either click on a roadmap or pick a state from the pull down menu about the left from the Search Properties box. You should also enter a county and choose which status you are looking for, e.g. new listings. After you click "search" you receive a list of HUD homes with pictures and addresses.

Click on the image or case number to show details on a specific house. For most properties you can find more pictures, an appraisal and property condition report (sometimes), HUD required addenda and the LPD (lead paint disclosure.)

A different way to find HUD homes for sale is in your local MLS. All HUD homes need to be on the MLS per HUD guidelines. However, you might encounter some issues with the MLS listings:

1. A house may not be clearly called a HUD home. A minimum of not within the description open to the general public. Your realtor can look for agent remarks (that are not visible to the public) in order to find HUD homes that way.

2. In the past, the HUD listings about the MLS weren't up-to-date. Although HUD requires that listing brokers alter the listing status of HUD properties within Twenty four hours, this may not happen, and you won't make the most current information.

What's your best bet for finding HUD homes?

The best way would be to make use of a realtor who's an expert on HUD properties and successfully completed a number of HUD purchases. Your agent should follow HUD listings every day, and help you stay up to date as new HUD homes are listed. Most agents can setup a custom look for you and email you whenever a new HUD hits the market.

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