Purchasing a Forclosed Home

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Purchasing a Forclosed Home

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It is debatable whether foreclosed homes are good deal or not. Here are the facts.

HUD Forclosures A HUD forclosed home is a single family or multi-family residential property acquired by HUD as a result of a foreclosure action on an FHA-insured mortgage. (1) All HUD homes are sold as is with a discount according to the level of repairs and rennovations required. When HUD homes are listed for auction, the owner/occupant have 10 days to attempt to get a bid accepted. Bids by the public must be made through a HUD registered broker or agent to a listing site run by HUD-contracted management companies. Once a bid is won, the buyer must close within a time specified by the closing agent, which is usually 48 hours.

Source Buying HUD Foreclosures: What Investors Should Know

Last update: May 22 2008, 4:52 PM EDT by Scott85 (content history | content tools) (help)

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