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 start of October, and there continues to be quite some confusion regarding how to find new HUD homes listed for sale.

Before the new HUD asset managers took over, there is one web site to go to, where you could easily search for HUD homes from coast to coast. HUD homes was previously for auction on Fridays. Brand new listings were available to owner occupants just for 10 days. If no acceptable offer was received by day 10, everyone was permitted to bid on HUD homes.

Now, the search has become more complicated. First of all, tow or three asset management firms are responsible for marketing HUD homes in most state. HUD homes are actually listed on a daily basis and exclusively open to owner occupants for any full 30 days. Only uninsured homes can be purchased by investors five days once they are listed.

HUD made a new web site to show all of their listings - HUDHomeStore.com . It provides a totally new interface which can be simpler, but it is really not as powerful as the old website.

On the main page of the HUDHomeStore you can either click on a map or pick a state in the pull down menu about the left of the Search Properties box. You should also enter a county and select which status you are searching for, e.g. new listings. After you click search you get a list of HUD homes with pictures and addresses.

Click on the image or case number to display details on a particular house. For many properties you'll find more pictures, an appraisal and property condition report (sometimes), HUD required addenda and also the LPD (lead paint disclosure.)

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

1.A house may not be clearly called a HUD home. At least not in the description available to the general public. Your real estate agent can look for agent remarks (that are not visible towards the public) in order to find HUD homes this way.

2.In yesteryear, the HUD listings about the MLS were not 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 wont get the most current information.

Whats your best bet for finding HUD homes?

The easiest way would be to work with a realtor who's an expert on HUD properties and properly 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 search for you and email you whenever a new HUD hits the marketplace.

by: Susanne Novak

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