Can someone tell me how to buy hud foreclosed ?

Foreclosures
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Can someone tell me how to buy hud foreclosed ?

Robinson Parra
Lawrence, MA · Member since 2016 · 2 posts · 0 votes

I live in MA and I want to buy some houses in hud foreclosure but I don’t know what action to take?

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Russell BrazilBusiness Member
Moderator
Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
7y

Hire an agent who has an NAID number.

[email protected]301-893-4635Podcast Guest on Show #192
District Invest Group545 Reviews
WebsiteView Page
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  • Drew McCrory
    Member since 2019 · 18 posts · 3 votes
    7y

    Hello, you can check out Hudhomestore.co m to find current properties that are available to bid on. Once you find one their will be an addendum tab with the forms and due dates that need to be submitted to the assigned asset manager. It could help to find a realtor who works with foreclosures or even specifically with HUD as they will be more familiar with the forms used as well as the process. Hope this helps.

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  • Russell BrazilBusiness Member
    Moderator
    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
    7y

    Hire an agent who has an NAID number.

    [email protected]301-893-4635Podcast Guest on Show #192
    District Invest Group545 Reviews
    WebsiteView Page
    1Reply
  • Bruce Lynn
    Real Estate Broker · Coppell, TX · Member since 2011 · 5k+ posts · 4k+ votes
    7y

    When you say several that means you are an investor. Most HUD homes have an exclusive period where owner/ occupants are given preference. If it makes it past that period, then investors can bid.

    So there are a few issues these days.  #1 not that many foreclosures.  #2 the ones there are often get bid and bought by owner occupants.

    Check out HUDhomestore.com for your area and see if there are homes that are available to investors and that are of interest to you.  Get preappoved for a loan if you are using financing, or if you have cash, get your proof of funds together....like a bank statement that shows you have cash for the purchase.

    Then find an agent or we can help you find one that is certified by HUD and can bid on properties for you.....

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  • John Barrows
    Real Estate Broker · Auburn, WA · Member since 2015 · 151 posts · 106 votes
    7y

    @Robinson Parra not every real estate agent is qualified or approved to handle HUD foreclosures!! An agent that doesn't know what they are doing is worse then doing it yourself!

    I’m a 29 year veteran and I’ve seen it all!

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  • Billy Smith
    Shawnee Mission, KS · Member since 2016 · 719 posts · 313 votes
    7y

    I bought several HUD homes after the 2008 crash ,trying to buy HUD now is such a good deal from the issues stated above of course there are still deals just not as many .

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  • Robinson Parra
    OP
    Lawrence, MA · Member since 2016 · 2 posts · 0 votes
    7y

    @Russell Brazil

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  • Michael Noto
    Real Estate Agent · Southington, CT · Member since 2008 · 5k+ posts · 3k+ votes
    7y

    @Robinson Parra You will want to find an agent in your area who has experience with HUD transactions because if you ever get to the point where you want to submit an offer an agent with a NAID number will need submit the offer for you through the HUDhomestore.com portal.

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