If all else fails, just reach out to HUD. There are sometimes even sections in local newspapers that list HUD homes for sale. A call to your local real estate agent or authorized HUD broker, for example, can be just as effective. If finding a home online isn’t your style, you can find HUD homes through a few other methods. Additionally, home buyers can actually use the site to find registered brokers to place bids on their behalf, increasing ease of access. It also allows real estate brokers and other organizations (that are registered with HUD) to place bids on behalf of their clients to purchase a HUD property. The site acts as a portal for the public, brokers, state and local governments, potential owner-occupants, and nonprofit organizations to search the complete inventory of HUD properties for sale. Surfing the site is a great place to start, since you can find any HUD homes in any particular area.
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As a matter of fact, HUD has a dedicated website for finding HUD homes. The process for buying a HUD home isn’t nearly as complex as you would assume. Eligible one- to four-unit properties as defined by HUD are either a single-family, duplex, triplex or fourplex. While HUD does give priority to owner-occupant buyers, HUD homes are available for all buyers, even investors. You can finance a HUD home through the FHA home loan program or with a conventional home loan. Need help navigating the mortgage process? Find a local lender on Zillow who can help.HUD homes are available for purchase to anyone with the required cash or who qualifies for a home loan. If you feel that you qualify for the HUD Pre-Foreclosure Sales program, get in touch with a HUD-approved foreclosure avoidance counselor via HUD’s website. If the buyer is using a FHA-backed mortgage, HUD allows the seller to pay 1% of the buyer’s closing costs out of the proceeds. It also allows various customary closing costs. HUD allows for a real estate commission, up to 6%, so you won’t have to proceed without agent representation. If the home takes longer to sell, the incentive may be reduced. If the short sale closes within 90 days of the date of application, HUD may pay the seller up to a $3,000 incentive. This should provide some peace of mind to homeowners in states that allow deficiency judgments, as they are assured that they won’t be liable for the deficiency amount in the future. The sale’s proceeds, even though less than what is owed on the mortgage, completely satisfy the debt.
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While a homeowner underwater on a mortgage has little to be optimistic about, the HUD Pre-Foreclosure Sales program offers a glimmer of a silver lining.
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Distressed homeowners who have exhausted most other methods to avoid foreclosure on their homes often decide to perform a short sale.