The number of HUD foreclosure property listings is large. This type of mortgage not only prevents neighborhoods from becoming blighted by a large number of foreclosures, it can also be used to help save the environment by altering homes so that they can become more energy efficient. The U.S. Department of Housing and Urban Development (HUD) was established in 1968.
The Miami real estate agent will work with you in preparing all pertinent paperwork in order to help you make your offer. Any and all financing options are applicable to HUD properties, from an FHA 203K loan to a conventional loan, and everything in between.
In addition to HUD’s quick notification (usually within 24 hours), HUD will in some cases provide great buyers incentives and bonuses, such as HUD $100 Down Program. The foreclosed houses will soon be offered for sale in order to regain the money loss on the foreclosure claim.
Properties become part of the HUD program when the previous FHA-backed mortgage goes into foreclosure. Foreclosed homes that need a little work are often priced even lower, because the first impression they make on buyers isn’t perfect. An FHA insured loan basically protects the lender in the event the homebuyer defaults on the mortgage.
HUD foreclosures and VA Foreclosures are some of the best homes to buy when price is part of the equation. We offer HUD Buyer Workshops at our Grosse Ile office on the 3rd Thursday of every month from 6-8 pm. To register, please email [email protected] We can also schedule a one-on-one buyer education session with one of our HUD agents.