Image by Getty Images via @daylifeHUD homes:
To search for a HUD home go to this site. Once you identify a few homes - contact me to set an appointment to view the properties. Good deals do not last forever. Be ready with you funds and pre-approval letters. Placing a bid on HUD site must be done by a registered agent with participating broker. Often, you get response from HUD fairly quickly. Home owner occupants are priority. Once a specified period ends - HUD accepts all offers, including investors.
FORECLOSURES or REO (real estate owned as an entry in banks accounting records)
The process to put an offer on a foreclosed property is similar to a regular home for sale. However, massive amount of disclosures, addenda will follow an accepted bid. In many cases banks agree to pay up to 3% in closing costs. They will also consider home-owner occupants first. Be sure all paperwork is submitted correctly or your offer may be returned and you will lose the bid (your agent's work).
SHORT SALES: This is the most time consuming process to wait for a response from the bank. Many homes are still occupied by current owners who are short on funds to pay monthly mortgage. These properties might be a good deal if the buyer is willing to wait and hang around for a 3+ months at least.
