You can buy real estate properties from the government at low and discounted prices through government foreclosures. Department’s website – Doing an intense research of the US Department of Housing and Urban Development website is also a wise way to find suitable HUD properties. HUD will then sell the home through their Asset Manager along with approved Local Listing Brokers hired by the Asset Manager.
HUD has accepted your offer, you’ve obtained financing and now you’re ready to close escrow. For my investments, I’ve bought homes for anywhere between 60% and 87% of the list price. What you probably don’t know is that if no one makes an offer for a HUD home within a certain amount of time, HUD lowers the price.
I offer a free foreclosure search tool on my site that allows you to search foreclosures by map, by zip code, by school district, by address and more in the Austin and Central Texas area. Each lender has its own process for potential buyers to preview and then submit offers on its foreclosure homes.
What many don’t know is that these properties can be scooped up with very small deposits compared to other options out there today and many are often already being repaired by HUD. On the plus side, you may have the opportunity to gain some quick equity with a HUD home, depending on the location, condition, and final sales price.
At that time, your agent will send you a contract, which you have 48 hours to submit to your regional HUD office. After you sign up as a member, you can start searching through the foreclosure homes. This includes single-family detached homes, attached homes like townhouses and condominiums, manufactured homes (also known as mobile homes) and houseboats.