Whether you’re a first time home buyer, a current homeowner looking to buy a second home or an investor, you’re offered an opportunity to buy foreclosures up to 50% below market value and realize immediate equity. Free foreclosure listings owned by this governmental organization stretch from coast to coast, so no matter what neighborhood you’re looking in you’re sure to find a few options. Additional information on how to purchase these homes can be obtained directly from one of HUD’s websites.
If you’re wondering why I haven’t yet provided the link to that particular site, it is because you won’t find any foreclosure listings or foreclosure homes posted there but rather plenty of information pertaining to the number of properties that received foreclosure filings in the United States last year (2.3 million properties worth billions of dollars) and the fact that lenders are actively seeking out alternate means to secure their value in these properties, which in turn opens up investment opportunities to buyers like you.
Anyone in the market to purchase a home at a deep discount have access to this list of foreclosures FREE of charge even though I have seen and heard commercials offering similar lists for a price. You probably have too; and I suppose people purchased those lists for several reasons, one of which is probably the difficulty finding the actual listings on HUD’s website because when you do visit HUD’s site, the very first paragraph is: HUD sells properties that you might want to buy! But immediately following that statement is a link which, when clicked, will take you to a page on how you can buy a HUD home. I do agree that learning the process is important, but I also believe that it is just as important to locate the list of houses via a more direct route.
My objective therefore is to try and eliminate some of the steps involved in locating the actual foreclosure list(s) of HUD homes as well as the homes not owned by HUD because, after all, those lenders who are ‘actively seeking out alternate means to secure their value in these properties’ could probably offer as good a bargain as HUD if not better, especially in this post “Subprime” environment. In addition to the government foreclosures (HUD homes), there are: Bank owned REO foreclosures; Pre-foreclosures; Tax lien foreclosures; VA foreclosures and Foreclosure Auctions.
There may be other categories of foreclosure lists of homes to choose from but you’ll have to get that information from the special Management and Marketing (M&M) contractor assigned to manage properties in certain geographical areas of the country. For example, the M&M contractor assigned to Florida, New York and New Jersey is National Home Management Solutions (NHMS). More information can be obtained on the NHMS site www.nhmsi.com for those who live in one of the other forty seven states. That is the most direct route I can provide at this time. So now you can go directly to the lists source as well as obtain the information you need about the process(es).
Over the past year I wrote a few articles relating to the mortgage & real estate industry and what I believe to be the reliability, flexibility and durability of the FHA mortgage loan program, the arm of HUD which administers the mortgage insurance program for one to four family residential properties. As straightforward as the FHA mortgage loan program is for home purchasers, I find that the manner in which HUD administers the foreclosure information for homes it owns is similarly straightforward: One set of rules, and ultimately one decision maker where the buck stops. Except being able to locate the lists of foreclosures, which used to be a little more difficult than needs be, anyone in the market to buy a home can do so at up to 50% below market value for immediate equity. Some of those foreclosure lists salespeople may be a little peeved at me for giving away this information free of charge, but I’m sure they’ll be able to find another source of ‘free stuff’ to sell. Good luck house shopping and; God Bless!