Government foreclosures are properties seized by the government for non payment of mortgages through government programs – VA, HUD, FHA, etc. Be advised that you may not purchase a home directly from HUD, as with any real estate transaction, you must work with a real estate agent. To see GNND-eligible homes, simply select Good Neighbor Next Door” for Buyer Type” during your HUD home search. The market for HUD Homes has become very popular.
The buyer can’t have purchased a HUD home as an Owner Occupant or Investor in the past 24 months. Here at HousingList, we offer many types of property listings – but Lease-to-own is where we got our start and will remain one of our strengths. If you want to purchase a home, the amount of money you can borrow will be based on the comparable price of homes in the area.
Finally, some homes are ineligible for FHA financing, even though the previous mortgage on the property was an FHA loan. The clock” on the 12-month minimum period Owner Occupant buyers must occupy the HUD home as their permanent residence begins when they move in, not when they close on the HUD home.
These properties are allotted for prospective home buyers, who bid for them through the HUD approved real estate agents. Our over 80 year combined experience selling foreclosures gives you the upper hand at negotiating the best price possible. On the first business day after this period, bids are reviewed daily to determine the highest acceptable offer to HUD.
And if you are interested in buying, you may need a real estate sales professional who is authorized to sell these types of properties. HUD gives Owner Occupants priority consideration over Investors by allowing only Owner Occupants to bid on HUD homes for an exclusive period of time (5 to 15 days) when the HUD homes first come on the market.