This program is designed to allow lower income people to buy a home. And this is an ideal time for someone who is looking to purchase their first home. In fact, HUD allows primary homeowners first dibs on these foreclosed properties, and only after a certain length of time, do they open up the bidding for investors.
How do you find HUD real estate foreclosure properties? You can find these by using special lists of repossessed properties. You can find them through real estate agents that specialize in HUD foreclosures, or online at websites that are registered with HUD. The Internet has made it much easier to find these properties and take advantage of the huge savings you will be able to get, you can find these properties listed for free on websites like all-foreclosure.com.
However, it does take a certain level of expertise, so if you are a first time investor, enlist the help of a real estate agent who specializes in foreclosed homes. Remember, the seller, in this case HUD, pays the agents commission, so it doesn't hurt to have someone on your side to walk you through the process, at least for the first time.
Even in the market that we are dealing with today, there is money to be made by investing in HUD real estate foreclosures. You have to be quick as there is a lot of competition. One of the best ways to get fully updated lists is to subscribe to a newsletter that supplies daily ones. Some sites will update their site daily; these are usually membership sites but are worth it. Explore all avenues to get ahead of your competition in this competitive field.
You can invest in these foreclosed HUD properties and prosper in one of two ways. Either you can buy them solely for the purpose of fixing them up and reselling them. Or, you can buy them and hold them as rental property. If you have had a goal of becoming a landlord, now is the time. Not only can you find properties at the lowest prices in years, but with the numbers of foreclosures going up every day, the pool of renters is growing every day.
An ideal strategy would be to invest in these properties now, hold them for 2-3 years and rent them, and then when the values start going up again, sell them for an even larger profit. If you don't like the idea of being a landlord, you can lease purchase the properties versus renting them.There are a lot of folks out there today that can no longer qualify for a home loan, and these people are ideal candidates for a lease purchase.
About the Author... My name is Kim Patrick, and I have worked as a Loan Officer in the mortgage industry since 1994. I have helped countless people, over the years, achieve their goal of homeownership. I am a Financial Advisor, and regardless of whether or not my customers are first time homebuyers, or experienced homeowners, I look at their whole financial picture and make recommendations on how they can best achieve their financial goals. My goal is to help folks who have credit "issues", as they call them in my business, find their way out of the proverbial "paper bag" and achieve the American dream of owning their own home. If you want to read more articles like this please visit my blog at http://creditrepair4u.wordpress.com |
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