The Department of Housing and Urban Development (HUD) oversees the Federal Housing Administration (FHA), which provides federal insurance against default on home mortgages. If the payments are not made on a FHA loan, the mortgagee forecloses then files an FHA insurance claim for the unpaid balance and conveys the title of the property to HUD. The home then becomes a HUD owned home. From the time a homeowner stops’ making their mortgage payment it generally takes 4 to 7 months for the home to get to HUD.
To buy one of these foreclosures you are going to need to work with a broker that has been approved by HUD and at Results Realty we have. You bid on these homes and it is a different procedure than a foreclosure that was with someone who had a conventional loan.
Foreclosures
There are plenty of these HUD foreclosures but there are also plenty that were with people who had conventional mortgages. As the mortgage meltdown with the subprime industry has happened there are more foreclosures coming on the market daily. I will be honest in previous years I did not find that great of deal when my clients were buying foreclosures. I guess with so many coming on the market that is not the case any longer. I had more buyers buy foreclosures this last year than all my previous years in real estate.
Short Sales
Something else that can be thrown in to the mix are the short sales. A short sale occurs when a seller is upside down on their mortgage and they work with their mortgage company to sale the home at a small loss to the Mortgage Company rather than waiting for it to go in to foreclosure. I have done several of these and to be quite honest I think they should be called long sales instead of short sales. You are going to have to be patient if you want one of these homes. The process is long and tedious but there are some good buys if you are willing to wait.
Automatic home search to search for HUD Foreclosures, Foreclosures and Short Sales … the benefits include:
* The searching is done automatically for you saving your time.
* You are notified of all new foreclosure and short sale listings within 24 hours of them going in to MLS.
* At any time you can e-mail me to change your search criteria.
* The listings have directions so can explore neighborhoods.
* You will learn about these foreclosures as they come on the market; even before most REALTORS®.
To get started simply fill out the form below and submit your request. In a timely manner you will receive an e-mail with all current active listings that meet your criteria. Starting the next day you will receive daily updates. If you do not receive any updates for a particular day it means that no new listings meet your criteria for that day.
Note of caution: If you are already looking at homes with another REALTOR® and have signed a Buyers Agreement with that REALTOR® please do not use this automated search. It would be a violation of the Code of Ethics for the National Association of REALTOR® for me to be assisting you in this circumstance.
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