How to Bid on HUD Foreclosures
When an individual loses his home to foreclosure, his lender seizes the property and allows the public the opportunity to purchase it through a live foreclosure auction. These auctions are traditionally held at the courthouse of the county where the property is located. If a homeowner defaults on a mortgage backed by the federal government rather than a private lender, the U.S. Department of Housing and Urban Development seizes the home. HUD conducts foreclosure auctions online.
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Instructions
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Visit HUD.gov. Navigate to "Topic Areas" on the selection bar at the top of the screen. A drop-down menu will appear.
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Select "Homes For Sale" from the drop down menu.
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Choose "From HUD" under the heading "Single Family Homes for Sale." and select your state from the list that appears.
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Fill out the necessary information for the foreclosure home you wish to bid on, such as the address, city and zip code. If you do not know the address of the property, you may type in the city or county the home is in to search all available homes in the area. You may also click the "Display Cities" option to the right of the information boxes to browse HUD foreclosure homes in multiple areas at once.
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Browse the HUD foreclosures available in the area you selected by scrolling down the list. When you find a home you like, click on the picture for additional information about the property such as the number of bedrooms and bathrooms the home has and the year it was built.
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Contact your real estate agent or broker when you find a HUD foreclosure you wish to bid on. Give the real estate agent the property number of the listing that is located above the home's picture. Only licensed real estate agents or brokers can place bids on HUD foreclosure properties.
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Tips & Warnings
Always read the available home information carefully before placing a bid. The home information section will often note if the home has significant damage or if the price was recently reduced.
References
Resources
- Photo Credit new home for sale image by itsallgood from Fotolia.com
