Foreclosures have been triggered throughout the country as the sub prime crisis continues and has hit most states affecting the liquidity and real estate. Your real estate agent can help you locate HUD homes in your area, especially if that’s their area of expertise. HUD homes can purchased at prices well below market value, according to Realty Trac. Only licensed real estate agents can submit a bid for a HUD Home.
Because of this, government foreclosures are considered to be the best sources of low-cost housing both for individuals looking for a new home or investors who want to enter the real estate market. If the FHA accepts your bid, you have 24 Hours to have the signed sales contract and all paperwork turned into the HUD office.
Since the new owner will be responsible for making needed repairs, HUD strongly urges every potential homebuyer to get an inspection from a licensed professional home inspector prior to submitting an offer to purchase. Which is why, in the later decades of the 20th century, the government in their wisdom set up what has come to be known as the Department of Housing and Urban Development or HUD.
Otherwise, your bid may be cancelled and the property may be offered to the next highest acceptable bidder, or it may be placed back on the market for others to bid. These foreclosures are put under contract with property management companies to sell the foreclosures for them.
Buyers might believe that they can get HUD or foreclosed homes for $1, but that’s a myth. Real estate listings held by brokerage firms other than Nick McLean Real Estate Group are marked by the “three tree” symbol; detailed information about such listings includes the names of the listing brokers.