|
|
∙ Foreclosure Homes
Foreclosure is the legal means that a lender can use to repossess or take over a home from a delinquent borrower. And since banks don’t particularly like to be in the real estate business, they are anxious to liquidate the properties they have on hand.
Working with a realtor that is knowledgeable about the competitive foreclosure marketplace is a smart way to pick up a distressed property for tens of thousands of dollars below market value.
These bargains do come with their downsides. Quite often, foreclosed properties are in considerable disrepair, so a good, hands-on knowledge of home repair is useful.
∙ HUD Homes
A HUD home is a one- to four-unit residential property acquired by HUD (U.S. Department of Housing and Urban Development) as a result of a foreclosure action on an FHA-insured mortgage. HUD becomes the property owner and offers it for sale to recover the loss on the foreclosure claim.
If you have the cash or can qualify for a loan (subject to certain restrictions) you may buy a HUD Home. HUD Homes are initially offered to owner-occupant purchasers (people who are buying the home as their primary residence). Following the priority period for owner occupants, unsold properties are available to all buyers, including investors.
Any real estate broker registered with HUD may submit an offer and contract to purchase on your behalf. HUD pays the real estate broker's commission, if included in the contract.
HUD properties in designated areas are even available at a reduced sales price to police officers, teachers, firefighters, emergency medical technicians, nonprofits and local governments.
Select Medina agents are experts in foreclosure and HUD properties. Contact Us today to learn more.
|
|
