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Can I find foreclosed HUD homes |
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Where can you find Greater Portland/Vancouver area foreclosed HUD homes?
The U.S. Department of Housing and Urban Development acquires properties from lenders who foreclose on mortgages insured by HUD. These properties are available for sale to both homeowner-occupants and investors.
You can only buy HUD-owned properties through a licensed real estate broker, whose commission will be paid by HUD.
Down payments vary depending on whether the property is eligible for
FHA insurance. If not, payments range 5 to 20 percent. When the
property is FHA-insured, the down payment can go much lower. Each
accepted offer must be accompanied by an "earnest money" deposit equal
to 5 percent of the bid price not to exceed $2,000, but not less than
$500.
You should be aware that HUD homes are sold "as is," meaning limited
repairs have been made but no structural or mechanical warranties are
implied.
Questions about Greater Portland/Vancouver Real Estate?
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Last Updated ( Saturday, 22 November 2008 )
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