With economic times being harder than ever, more and more Americans are making the choice to allow their homes to foreclose rather than struggle to keep it. For many, this is simply a smart financial move, but for others there simply is no other alternative. So many people losing their homes does however, create an opportunity for the savvy, cost conscious home buyer. Foreclosures and HUD homes can be a home buyers dream and save them thousands of dollars as compared to a new home purchase. The question becomes how to find these homes. Here are a few ways that many home seekers many not have considered when looking for the next big deal.
Ask a few Realtors
This may seem a bit obvious to many, but this is still one of the best ways to find deals in HUD’s and foreclosed homes. When calling your local broker, make sure that you request someone who specializes in the buying and selling of these types of homes. You’ll find that experience invaluable when entering the bidding process of purchasing a HUD home. There can be some subtle rules that you’ll want to know in the process and a seasoned agent can help you avoid those pitfalls. Don’t just use one realtor. Get a couple on the job for you. It’s easier to find the best deals when 3 or 4 people are helping you look.
HUD/Foreclosure Web Sites
First off, if the site wants you to pay for a listing of homes for sale in the area, don’t do it. There are simply too many other ways to find good foreclosure and HUD deals on the web for free without having to risk being scammed. A good place to start would be www.hud.gov. On this site, you can find good resources that not only help you find these homes, but it also gives you some great information about purchasing these homes.
Call the Banks
Here’s one that many don’t know about. Many banks are more than happy to give you a listing of the properties that are on their books. Banks don’t want to own private homes and are eager to get rid of them. You might want to try smaller local banks first as some of the bigger banks can be a bit of a hassle getting to the right person with the right information.
Follow the Process
You may have heard the phrase that the early bird gets the worm. Well this holds true in home purchases as well. All legal proceedings are matters of public record and your county courthouse will have the listing of every single foreclosure in their jurisdiction. You can even pick up the local newspaper and read about foreclosure proceedings in many classified ads. Some may see this as bottom feeding, but don’t see it that way. You’re simply getting the best deal for your money.
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