How to Find Out The Price on HUD Homes
Foreclosures follow tough times, and when they arrive, prospective buyers whose finances are in good shape wonder whether they can buy a foreclosed home at a discount. The Department of Housing and Urban Development (HUD) oversees the Federal Housing Administration, which insures more than 37-million mortgages, making it the largest mortgage insurer in the world. When FHA-backed mortgages fail, HUD sells the foreclosed houses. Believing they will get a good deal, buyers are always curious about HUD homes, especially their prices.
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Instructions
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Follow the HUD link in the References section. You will see a list of all 50 states, three territories and the District of Columbia. Click on the state or territory that interests you.
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Enter the criteria -- including city/county, price and other details -- to find a list of homes that fit your needs.
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Scan the list and click on any houses that interest you. As you click on each one, you will see price, as-is value, number of bedrooms and baths, square footage and a link to HUD's property report. That last item is a treasure trove of detailed information about the house and its condition.
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Check the site at least once a month. HUD drops prices when houses don't sell. The organization starts the price at what it believes is its value but then drops the asking price after about a month if no offers arrived.
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Tips & Warnings
If you decide to buy a HUD home, be prepared for snags and delays, which are not unusual in foreclosure purchases.
