Residential foreclosures that fall under the Department of Housing and Urban Development (HUD) can be found all over the nation. The Federal Housing Administration (FHA) is a part of HUD and basically FHA provides insurance to lenders who borrow money to individuals who cannot purchase under a conventional loan. So, FHA allows the bank to lend money for a home knowing that if the borrower defaults, the loan will be insured by the federal government. When this happens the government owns the home and it becomes what we know as a HUD Home.
As you'll see in the video below, HUD Homes are priced at fair market value. If the home requires any repairs, the price of the home will be reduced. You can find HUD Homes that are below market value, but they will probably need some TLC. For an invenstor, this is a great deal! Think of a HUD home like a used car, it is sold 'as-is' but with the help of Nicole Hunt, an Investment Specialist, you could find a GREAT investment property or family home.
If you want more information, you can get a free list of HUD Homes right on our website by CLICKING HERE. If you're more interested in a bank owned foreclusre, we have those too, just CLICK HERE for a free list. Or, if you're just interested in searching what homes are available we offer a FREE search which you can get to by CLICKING HERE or simply CONTACT US.