Ah, the American Dream beautiful suburban home on a dead end street with a white picket fence and a dog in the yard playing around the swing set. Unfortunately, for some, this may seem like just that, a dream. There are many people who are struggling just to put food on the table and pay the rent, much less purchase a home. Many people live in an apartment or rented home until they think they have saved enough money for a down payment on a home.

The opportunity to own a home may be closer than you think. When a person buys a house and cannot make the payments, the government comes in and puts a foreclosure on the home, making the person leave the home and offering it for sale, usually at a much lower price than the home is worth. This home will fall under the jurisdiction of the US Dept of Housing and Urban Development, or HUD. HUD will put this house up for sale or auction. They will usually put an ad in the paper, but there is a more up-to-date list available online for all HUD homes.

Individuals can find out information regarding the home such as square footage, number of bed and bathrooms, etc. as well as selling price of the home, then determine whether or not they are interested in purchasing the home. It is also a good idea to have someone research whether there are liens against the property to ensure that there won't be anyone contesting the sale of the home.

These properties are generally not in move-in condition and will require some work. Many times, the properties could be back to normal condition with just a little paint and elbow grease. There are other properties that were run down before and since sitting empty for some time, they have gotten in worse conditions. These homes could require several months of work, but generally are offered at much deeper discounts.

Most of these homes do not have to be paid for up front. It is possible to negotiate payment terms with a government representative or get a mortgage loan from a bank or other lending institution. When getting a mortgage loan for a HUD home, the important thing is to remember to make the mortgage payment on time to avoid your home becoming a HUD home once again.

If you find a HUD home that interests you, your personal realtor can normally show you the home so that you can determine if the house is right for you. Once you have determined that you would like to go ahead with the purchase of the home, you will need to go down to the local office of Housing and Urban Development to get the proper forms completed as well as put down any necessary down payment on the home.

The probability that you will be offering against other interested parties is greater in some areas than others, so remember that many people will purchase a HUD home to fix and sell for a profit. Many people "flip" houses as their full time job, and bidding against these people will prove difficult.

Purchasing a HUD home is a great way for a do-it-yourselfer to achieve the American Dream. If you feel strong enough to handle the obstacles that may get in your way, check out the local listings for the Department of Housing and Urban Development.

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