Question:

Can I buy a HUD foreclosure home?

Answer:

HUD foreclosures are available throughout the states. A property insured by FHA and foreclosed on is passed to HUD to sell.

HUD foreclosure homes are not discounted - rather, they are priced at the market value with possible reduction of the price with respect to necessary repairs. HUD homes are not repaired before sale.

How to get a HUD foreclosure home?

Locate HUD foreclosure homes listed on your state website. You will have to use a real estate agent to show you the property you looked up online as HUD representatives will not work with home buyers.

To buy a HUD foreclosure home, you will have to submit an offer during the offer period; HUD is not going to fund your home, so make sure you have a loan when you submit your bid. Otherwise your earnest money is at stake.

Investors are allowed to buy HUD foreclosure homes only if a potential home occupant doesn't bid.

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