| Foreclosure filings were up an average of 50% in | | | | condition of the house. |
| most states in June of 2008. You can take this news | | | | Finding The Property |
| in many ways. This is great news for the real estate | | | | Much in the same way marriages and divorces are, a |
| investor. There are now more choices than ever to | | | | HUD foreclosure listing is a matter of public knowledge. |
| not only make a profit, but to help become your own | | | | In order to keep tabs on which foreclosed houses they |
| boss and be in charge of your financial future. | | | | are planning on buying, you need to check out your |
| However, don't be tempted by the vast array of HUD | | | | state's HUD's web site. Don't expect them ever to get |
| foreclosure homes that are on the market. Before | | | | a property in a hard-to-get-into neighborhood, or a |
| deciding on making a bid, you still need to look at each | | | | home that's worth more than $400,000. |
| home with a cool head. | | | | You then need to contact the broker or company that |
| Do Your Research | | | | is working with HUD to sell the property. In your pursuit |
| Remember, these are sold as-is, even if there are | | | | of the HUD foreclosure home, this is the person or |
| corpses and craters inside of it. Never contemplate | | | | business that you will be getting to know very well. If a |
| bidding on a HUD foreclosure home sight unseen. You | | | | HUD employee offers to work with you as a real |
| must inspect it yourself. You also need to keep in mind | | | | estate broker to help you buy the home, bolt. This is |
| that if people are going to be living in the property right | | | | illegal. |
| up until the sheriff kicks them off, they will leave | | | | What Am I Bid? |
| damage in their anger that you will be responsible to | | | | Only people wishing to live in the home are allowed to |
| fix. | | | | bid for the first ten days that the home is on the |
| Although these homes often come with commission | | | | market. You will have to wait if you are a real estate |
| fees paid by Housing and Urban Development, they | | | | investor. Odds are that your HUD foreclosure home |
| don't often pay the back taxes or any other fees that | | | | will still be there waiting for you. You then bid |
| the previous owner couldn't pay. You need to get the | | | | electronically with your HUD-approved broker. You'll |
| HUD broker to check up on the physical and financial | | | | know in a few days if the bid was accepted by HUD. |