Cheap homes for sale will meet with the purpose of both first time home buyers and investors, who want to make money in Real Estate investments. These two sites can also help people by financing loan during the purchase of a foreclosed property. As we mentioned earlier, HUD properties are listed in bidding periods. If your bid is acknowledged, your broker must submit a correct HUD Sales Contract, along with other required forms and Addendums signed by you, to the Asset Manager Regional office within 48 hours.
After the initial listing period, investors may purchase the houses for resale or for rental. If your agent is registered with HUD, they can submit the bid online for you. Most HUD homes sale will have what HUD calls a “Property Condition Report.” The Property Condition report is similar to an inspection and it gives you a pretty good idea of the HUD foreclosed home.
HUD pays the real estate broker’s commission, which is included as part of the sales contract. To buy a HUD home, you must contact a licensed and approved HUD broker or other agent authorized to sell HUD-owned homes. You may also be counter-offered, in which case your real estate agent will have to place a new bid.
Various websites on the internet offer HUD foreclosure listings. Listing courtesy of Jefferson Real Estate. Upon making an offer, you will need to have a cashiers check for $500 if the purchase price is less than $50,000 or $1,000 if the purchase price is over $50,001.
An owner occupant must live in the property as their primary residence for one year and may not purchase another HUD Home for two years. Therefore it is important that the buyer do a visual inspection of the property prior to submitting a bid. HUD Homes may always be purchased using cash, conventional, or other special financing.