Monday, March 3, 2008

What about HUD Homes?

Similar to purchasing a house from the FSBO are HUD homes. HUD homes are homes that have been acquired by the U.S. Government when a homeowner with a HUD secured loan goes into default. The Government does not want the responsibility of upkeep for the house and usually liquidates these houses at auction. Contact a local HUD office in your area to find out how to get HUD houses at auction. In my area, only a real estate broker or agent can bid on the houses. I consider HUD a motivated seller because those houses are usually priced well below market value and are not on the market but a few days. You need to be quick to grab them.