The thousands of HUD foreclosures available in the market at great bargain deals have been attracting homebuyers and investors alike. But before you decide to purchase one of the many HUD homes it is important that you understand its meaning and the best sources of finding them.
What are HUD properties
HUD foreclosures are properties that have been repossessed by The US Department of Housing and Urban Development due to payment defaults on the mortgage by the previous owners. As these properties are owned by the government they are available at reasonable prices as the HUD Department is mainly keen on reselling the homes in order to recover the loans and therefore do not have any profit motives. Most government owned homes are residential in nature and therefore make a real good bargain deal for potential home buyers who are looking for budget price houses.
Finding HUD homes is not as difficult as it may seem. Listed below are some of the best sources to find the most lucrative deals on HUD properties:
Online listings – The internet is by far the best source for finding HUD foreclosures. You can look at a general search on the locality of your interest under the listings and then filter the properties that meet your budget and other requirements like space and layout.
Department’s website – Doing an intense research of the US Department of Housing and Urban Development website is also a wise way to find suitable HUD properties. This website has a special link to all their foreclosed properties through which you can look up suitable homes according to the locations of your preference.
Online public records – Searching the online public records for HUD properties is also a good idea.
Local and major newspapers – Most local and major newspapers feature a list of HUD foreclosures daily and an exhaustive list on particular days of the week like Wednesdays and Saturdays. Searching for suitable properties on one of these days through a number of classifieds often gives good properties at great deals.
Business journal – Various real estate, economic and business journals are also a good source for finding suitable HUD homes.
County offices – Visiting the county offices of the regions where you are interested in buying a property is also a great way to get genuine and updated information on all the HUD foreclosures available in that area.
Fiona Livnat is an author with expertise in real estate foreclosures. She has over ten years of experience in writing about foreclosures.Her commitment to help people is reflected in her writing. For more details please visitHUD Homes.