HUD Foreclosure Condos in Tamarac
HUD Foreclosure Property Availability
Rent 1 Sale 1 Realty offices are HUD registered and approved. If you are interested in HUD foreclosure condos or would like to receive HUD condo foreclosure updates feel free to call us at 877-471-7620 or drop by the closest office.
About HUD Properties
The U.S. Department of Housing and Urban Development (HUD) is the agency that oversees federal housing agencies and programs including the Federal Housing Administration (FHA) which insures home loans.
A HUD Home is a single-family residence, condominium or town home that has been conveyed to HUD by the lender as a result of foreclosure when the borrower defaults on the FHA-insured loan. HUD in turn sells the property at "AS IS" market value as quickly as possible.
HUD Homes vary in price, location, and condition. Some are move-in ready condition and others are not. HUD Homes are not low-end housing. They tend to be 10-15% undervalued and usually are in much better condition than bank owned properties.
HUD Eligible Buyers
Anyone with a valid Tax ID (SSN or Employer Federal Tax ID) issued in the United States can buy a HUD home.
You can search the HUD Website for properties without registering on the HUD site. Or you can register on the HUD Website to receive email updates of properties that match your search criteria.
Buyers cannot place bids on properties without using a HUD approved real estate broker.
Note that you must have a pre-qualification letter from a certified lender, or proof of funds in the amount of, or greater than the purchase price of the property. A pre-qualification letter is necessary not only for HUD foreclosure properties but also for Fannie Mae, Freddie Mac, bank owned and corporate owned foreclosures. Academy Mortgage Corporation offers free pre-qualification letters as a service to Rent 1 Sale 1 Realty customers.
Click here if you need a pre-qualification letter
Owner Occupants
Owner Occupants are individuals with a valid Social Security Number (SSN) who purchase a property as their primary residence for one year. To qualify you: (1) must not have purchased a HUD property within the past two years as an owner occupant; (2) must live in the property as your primary residence for one year; (3) may not purchase another HUD Home (as your primary residence) for two years.
First Look refers to the time the Owner Occupant buyers have before competing against Investors. HUD, in most cases, gives Owner Occupants a 30 day First Look period bidding preference prior to making the properties available to Investors.
Good Neighbor Next Door (GNND)
If you are a Law inforcement office, Pre-Kindergarten through 12th grade teacher, Firefighter, or Emergency medical technician then you may qualify for the Good Neighbor Next Door program which offers a 50% discount off the list price of homes located in revitalization areas. HUD's Lotter Bidding Phase offers GNND eligible buyers a 7 day exclusive bidding period on these qualifying properties. Feel free to call the Rent 1 Sale 1 Realty office nearest you for information about the HUD GNND program.
Investors
There is no restriction on how many properties an investor may purchase. An investor is any individual with a valid SSN or Employer Identification Number (EIN) who purchases the property as an investment.
Foreclosure Property Access
If you would like more information or need assistance accessing and using the HUD website please feel free to call or visit the Rent 1 Sale 1 Realty office nearest you. You can also sign up for periodic updates of all foreclosure properties including HUD, Fannie Mae, Freddie Mac, bank owned and corporate owned properties.
Click here to register for periodic foreclosure property updates
Return to previous page
Comments
Be the First to post a comment.