HUD government foreclosures give investors a great opportunity to buy cheap homes because HUD sells them way under market value. HUD acquires ownership to FHA properties where the borrower has defaulted. FHA pays the lender off the balance and takes back the properties. HUD offers them for sale. They are hard to find so you should keep checking online all the time at the HUD website and other Internet sites.
How to Buy HUD homes?
- You need to make your offer with a local Realtor.
- The home must be for your primary residence. Investors can bid if there are no bids from buyers how plan on pucpyign the hoesas their primary residence.
- Some homes can be bought for as little as $100 down payment.
- You need to obtain your own financing.
- You may qualify for an FHA loan or a FHA rehab loan. You have to buy FHA mortgage insurance if you get an FHA loan.
- Buyers can inspect the properties and obtain title insurance.
- Government foreclosures are sold in an “as is’ condition.
- HUD does not make repairs on their foreclosure properties.
- You must offer full price. HUD lists the none at way below market value so they will only accept full price offers.
- HUD pays your closing costs up to 3% of the total purchase price of the home if you ask them to in the contract
- HUD will pay real estate commissions, but you have to have your Realtor writ eit in the contract.
Investing in foreclosures give you a built in equity. Keep in mind that many of them need repair so be sure to get a home inspection so you know the property condition and how much you need to budge to your repairs.
Government foreclosures are so affordable, there is a lot of competition to buy them, and they sell quickly. If you find a good quality HUD home, don’t hesitate or some other buyer will scoop it up. Now is a great time to purchase cheap Fort. Lauderdale HUD homes. There are also good opportunities in REO’s and bank foreclosure auction sales. Right now there are 291 sheriff auctions and 1,699 REO bank owned homes for sale in Ft. Lauderdale giving you a huge selection of properties to choose from. There is no reason not to invest in some type of foreclosure property in Fort Lauderdale whether it is government owned or a bank foreclosure