The U.S. Department of Housing and Urban Development (HUD) has a wide array of foreclosure HUD homes for sale. This loan is available from HUD to homeowners who are interested in buying fixer upper properties or handyman specials One of the problems with buying these properties is that the buyer often needs an initial loan to buy the home, then a loan to cover the cost of the repairs, and finally a permanent mortgage to cover the total value of the fixed up property.
Regardless of whether the property is being financed with an FHA insured mortgage, HUD does not guarantee or warrant that the property is free of visible or hidden defects, termite damage, lead based paint, or any other condition that may render the property uninhabitable or otherwise un-useable.
These properties listed as Government foreclosures are handled by many agencies such as – The US Department of Housing and Urban Development (HUD); US lenders Fannie Mae and Freddie Mac; The US Department of Veterans Affairs; The Federal Deposit Insurance Corporation; The Internal Revenue Service etc.
Many previously foreclosed homes have major (and minor) issues that need to be assessed prior to making an offer and moving in. This explains why they’re popular with fix-and-flip real estate investors who know how to resolve them before buying and reselling or renting out the properties.
Foreclosed Homes for Sale are the most beneficial investment opportunities available in the real estate market as these are available for sale at rock bottom prices and in some cases the auction price is around 50 % of the prevalent market price of the property.