How to buy Government Foreclosures

by Evette Cecena, the Queen of HUD on November 27, 2010

Anyone can by government foreclosures in Arizona (otherwise known as HUD homes). What are HUD homes? The U.S. Department of Housing and Urban Development (HUD), becomes the property owner of 1 to 4 unit residential property with FHA-insured mortgages to recover losses on foreclosure claims.  When a home with an FHA loan (meaning the loan was insured by FHA)  is foreclosed on HUD pays of the Lender and takes over the property.  HUD turns the property over to MCB to maintain and sell the property. MCB is an asset management company not the listing broker, however. You do not buy HUD homes directly from MCB.

Nearly anyone who has the cash or can qualify for a loan can buy HUD homes in Arizona.  These government foreclosure properties are offered first to owner occupants.  Properties that do not sell to owner occupants after a specified period are offered to investors.

These homes are appraised and offered for sale at fair market value.  Buyers make an offer during the “Offer Period.”  At the end of the Offer Period the bid that provides the highest net return to HUD may then be accepted. Real estate brokers who are registered with HUD may, write up an offer and contract to purchase, and submit it on your behalf.  HUD pays your agents commission as specified in the contract.

Contact me today at (480) 206-6425 to schedule a HUD homes tour.

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The Queen of HUD
(480) 206-6425
Realty One Group
4041 S. McClintock Rd Ste 310
Tempe, AZ 85282

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