Government foreclosures are properties seized by the government for non payment of mortgages through government programs – VA, HUD, FHA, etc. So if you are looking for seize on the foreclosures home buyers market than I would suggest hitting up Midwestern Lending. HUD uses its own contracts and many different forms, addendums and disclosures that the Miami real estate agent must be familiar with. When the homeowner can no longer make payments and the house is foreclosed on, the Department of Urban Development has to take responsibility for the property.
HUD homes will be offered through in a bidding cycle that initially is a sealed bid period followed by a daily bidding cycle. HUD loan programs available. While HUD does not provide direct financing for the purchase of a HUD Home, it may be possible for you to qualify for an FHA-insured mortgage to finance the purchase.
You will want to find a foreclosure in a community with a low crime rate, good property values, and a good real estate market. Initially, HUD homes are made available for those purchasers who will make the house as their main residence. But once the title-holder fails to live up to the economic obligations that are expected, the mortgage holder then forecloses and it becomes a HUD property.
Additionally, as Author Thorsen points out very clearly, any qualified Buyer can purchase HUD homes. But, your costs for your real estate professional may be covered, all or in part, by HUD at closing. Since Housing and Urban Development homes can be had at a notable price cut, investors will pay for as many as they can afford.
Since the home is being sold as an HUD foreclosure, it is priced at $170 000. An Offer Period is provided to those who would like to bid for one of these properties. As we mentioned earlier, HUD properties are listed in bidding periods. HUD homes are already apprised by an FHA approved appraiser so you may be able to close faster if using an FHA loan.