HUD Homes
HUD homes are properties that have been foreclosed by government-backed loans, such FHA and VA. This is an excellent way to find investment bargains. All homes are sold ‘AS IS’, but you have the option of doing an on-site inspection of the home before making a bid. Unlike Foreclosures and Short Sales, HUD homes sell fast because the approval process is very quick. Contact me for a free consultation on how to find and purchase HUD homes. Start looking for Arizona HUD homes at the link above.
Foreclosures
A lot of people, including investors, are confused about the stages of Foreclosure. Let me simplify it for you.
• Pre-Foreclosure is when the home owner is delinquent on their loan, but trying to sell the property before it becomes foreclosed by the lender.
• Short Sales may occur during the Pre-Foreclosure stage, meaning if the property is worth less than the loan balance, the owner may offer the property for sale at a reduced market price. However, the bank must approve all offers to purchase. While this sounds like a good deal for buyers, it can be painfully slow to gain approvals, as the banks are inundated with requests to sell short.
• Public Trustee Sale occurs once the lender has actually foreclosed on the property. Held by the County Public Trustee’s office, this auction allows all lien holders the first right of redemption. Investors may also bid in this process, but beware, this is not for the faint of heart. Knowledge, experience, and preparation are keys to a successful bid and many rookie investors get burned, overbidding the price.
• Bank Owned means that no one bought the property at the Public Trustee Sale and the mortgage holder took it back into their inventory. This is a good time to purchase as the bank is very motivated to move these listing off their books.
• Email me today for a list of foreclosures in your area: amy@blunttruaxhomes.com
