So you are looking for a good bargain on your foreclosures purchase
. You should consider HUD foreclosures for sale available across the country. The HUD or the U.S. Department of Housing and Urban Development is the main housing authority in the country and it works to provide homes for Americans in the most convenient way. So it would be safe to assume that the distressed properties sold by this department would be even more inexpensive and easier to acquire.
What Exactly are HUD Foreclosures?
The HUD has direct command over all the loans insured by the Federal Housing Authority and when these loans go into default the properties for which the loans were taken out in the first place become the ownership of the HUD, thus the term HUD foreclosures for sale.
The HUD favors owner-occupiers or buyers who intend to reside in the home. This is in keeping with the department's goal of providing affordable housing for low income families. These properties come with heavy discounts which the agency feels should go to those who truly need and deserve them. While there are no special conditions in purchasing and HUD foreclosure, the buyer would still need to be pre-approved for a housing loan. The homes are sold as is and buyers would be responsible for all the necessary repairs to get the home in tip top shape.
The department's web site will have the most updated list of HUD foreclosures for sale but these homes likewise appear in all other foreclosure listings such as newspapers, the multiple listings service and in all the online foreclosure listings service web sites. HUD only deals with certified real estate brokers and agents so it is best to hook up with one before approaching the agency to purchase a property. While there are other methods of acquiring foreclosure homes, a lot of buyers opt for these government properties because of the significant discounts it offers.