HUD Repossessions

What are HUD foreclosure homes?

The Department of Housing and Urban Development, also known as HUD, is a federal agency that lends home loans to homeowners. This is made possible through their Federal Housing Administration [FHA]. HUD forecloses the home when property owners default on foreclosure HUD home loans. Later on, these homes are sold to the public through auctions.

How can I locate HUD foreclosure homes?

Using ForeclosureRepos.com will make the finding of HUD foreclosure homes easier. Our database is nationwide and is full of HUD foreclosure homes that are below market value and available to purchase. Our foreclosure listings can help you find homes available in every stage of the foreclosure process. Our foreclosure listings will also enable you to locate and as well as contact HUD brokers and search for HUD foreclosure homes.

How can I purchase HUD foreclosure homes?

If you wish to purchase a HUD foreclosure home, you must first attend the auction. A written bid, during what is known as the bidding period, must then be submitted during the auction. Once the bid is submitted, your agent will be notified at the end of the auction whether or not your bid won the bid. If you are the winning bidder, both you and your agent must prepare a contract of sale within the following 48 hours.

How much money is needed to buy HUD foreclosure homes?

HUD usually requires a deposit that is as low as $500. This amount should be submitted with the written offer you produced. You then have 30 to 60 days to arrange financing in order to complete the actual buying process.

• Click here to return to FAQs page
• Click here to begin your search