How to buy a HUD HOME/ BANK OWNED HOME

Anyone can purchase a HUD Home as long as you have the cash to purchase the home or you can qualify for an FHA loan to purchase it. HUD Homes are sold through a bid process and you having a qualified Realtor to guide you through the process is a MUST HAVE.

HUD Homes and Foreclosures are sold ''as-is,'', without warranty. That means that HUD and Bank Owned will not pay to correct any problems. But even if a HUD Home needs fixing up - and not all of them do - it can be a real bargain! For example, HUD's asking price on the home will reflect the fact that the buyer will have to invest money to make improvements. HUD might offer special incentives such as an allowance to upgrade the property, a moving expense allowance, or a bonus for closing the sale early. And keep in mind that on most sales, the buyer can request HUD to pay all or a portion of the financing and closing costs. Your bank foreclosure agent will have all the details in negotiating the most efficient and effective bank owned contract.


Start your HUD or Bank Owned Home buying process by finding a Bank Foreclosure Realtor. Your real estate agent must submit your bid for you. Normally, HUD Homes and Bank Owned homes are sold in an ''Offer Period.'' At the end of the Offer Period, all offers are opened and, basically, the highest reasonable bid is accepted. We have seen homes go way below asking price, to over 20K of asking price. Our advice as a bank foreclosure agent is to submit your "highest and best" offer, FIRST! We are seeing and hearing from FAR too many buyers the old, "I wish I would've". We hate to say, "I told you so." BUT WE DID! If the home isn't sold in the initial Offer Period, you can submit a bid until the home is sold. Bids can be submitted any day of the week, including weekends and holidays. They will be opened the next business day. If your bid is acceptable to HUD, your real estate agent will be notified, usually within 48 hours. You'll be given a settlement date, normally within 30-60 days, by which you need to arrange financing and close the sale.

To view listings of HUD Homes, Bank Owned Homes, Arizona Foreclosures, or to find Foreclosure real estate agents, please visit the following web site: http://www.evancarr.com

Information provided from http://www.hud.gov/offices/hsg/sfh/reo/reobuyfaq.cfm