Click Here To Contact Us about Foreclosures in your area!

 

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Click above to run a search. We are HUD Buyer Agents and can assist you in viewing these homes and help you through the process of making an offer.

 

HUD homes are typically government owned homes, but they are not the only deals on the market. There are also foreclosures from many different banks and investors. There are short sales.

We find that some of the BEST deals are pre-foreclosures. Don't rule out homes on the active market still owned by the current homeowner. These are typically sellers who really want to sell their home and their Realtor has informed them that they must compete with other homes on the market including HUD homes, Foreclosures, short sales, & pre-foreclosures. Most sellers understand they must be competitive. Another advantage to buying a home from a homeowner is typically you can buy move-in ready homes. They are usually well-maintained and are not in need of major repairs, like some foreclosures.

 

Many of the one's on this website in the property search are foreclosures. We can do a search for these listings for you. Also we are well aware of many in the area that may or may not be on the internet. If you are interested in more information on foreclosures and HUD homes please let us know by registering on this site, through the property search page, email, or telephone. We would be happy to assist you in viewing these homes, making an offer, and guiding you through the closing process and into homeownership.

 

Do we work with investors? Yes, we love working with you and are happy to do market values for you, gather rent data, locate local contractors,  we can do Market Snaphots, as well as many other services investors call for.

 

Why are there foreclosures?

 

Subprime Story…
–There are 74 million homeowners in US according to the US Census. 47 million have mortgages according to MBA. 13-14% of homeowners have subprime loans according to MBA with ONLY 2-3% of those in foreclosure.
–Lending institutions made various mortgage products available for use and encouraged those with poor credit, financial concerns, etc. to gain a mortgage. These subprime products had lower payments to start the loan but then adjusted higher. As these rates adjusted, coupled with a decline in home prices in some areas, the borrower became unable to make payments and could not sell the home quick enough to recover financially.
–This became a Wall Street story because the mortgage companies routinely bundle their mortgages and sell them to investors as a sort of “bond”. The increase in delinquencies and foreclosures caused many of these investors to step away from purchasing mortgages causing a cash-flow problem for the original lending institution along with a decline in revenue on the “bond” sales.
–FHA and VA loans are good alternatives to subprime. Short sales and government assistance.

 

–It should be expected that the mortgage industry will return to how it used to operate. While there will be different mortgage products, lenders will likely require that loans be fully documented and greater scrutiny will be placed on appraisals, income, employment history and other compensating factors. We should also see a resurgence of mortgage insurance and less availability of combo loans.
–So what does this mean? We are experiencing a return to the more traditional lending standards that were in effect before the housing boom – lending standards that support a stable economic environment for both homebuyers and the nation at large. Buyers will likely need to get their credit in order, save more for down payments and work harder with their sales associate to find a suitable home. Some buyers currently in the contract stage or earlier part of the process may be denied loans. This should bring about a return to 1990s when homeownership had boundaries. Consumers will be forced to listen to their sales associate and consider homes that they actually can afford. This will likely lead to a “rebirth” of the starter home. As interest rates plummeted to all-time lows and lending became looser, many went into homes beyond their true means. Instead, first-time homebuyers will likely look at homes where sweat equity can raise their value as they build up their equity. Also, buyers will look for more guaranteed monthly payments or make certain they can handle adjustable rates by considering “worst case” scenarios.