Interested in HUD foreclosures?  There is more to them than you may realize.  First, just because a house is a foreclosure, that doesn't automatically make it a great deal.  If you are a new investor or buyer looking for HUD homes, you need to become educated.

Buying a HUD home is done via a closed bidding process.  There are limited time lines and other things to consider.  For example, HUD homes are winterized - they do not have utilities turned on.  Inspections are needed, but to do that the prospective buyer needs to arrange to have the utilities turned on.  HUD homes are sold as is, so inspections are not done so you can see what repairs are needed and renegotiate to have repairs done.  You need to get in and know what kind of work you are in for.  HUD properties are usually priced below the market value as they often are in need or repair.  After the inspection you need to determine whether or not you can make the necessary repairs and have a good investment when you are done.

There is a lot more to the process, but if you want to learn more, let me know.  I work with Moe Paknia.  Moe is an HUD foreclosure expert and HUD homes are Moe's specialty.  Learn about Moe by clicking here.  If you are interested in purchasing a HUD home, please contact me so I can put you in touch with Moe.