BuyingAny individual, partnership or company that can qualify for a mortgage or who can pay cash may purchase a foreclosed home. In order to view or place a bid on a foreclosed home, Buyers must use Licensed Real Estate Agent. This also ensures Buyer’s best interests are fully represented. Please go to Bidding on a HUD Home for additional information about purchasing a HUD property. Buyers must also have a pre-qualification letter from a lender, on lenders stationary, or proof of sufficient cash funds in the amount of or greater than the property they are purchasing.
Property condition: Many foreclosed properties are in good condition in beautiful neighborhoods, but some are rundown and reflect the financial difficulties that the previous owners were facing. The latter require significant repairs and renovation, which is fine if you want a fixer upper, but it's not something you want to discover after purchase. Be sure to give the home a thorough inspection before buying it, so that you won't be unpleasantly surprised by leaky roofs and septic tanks after purchase.
Many foreclosed properties are in good condition in beautiful neighborhoods, but some are rundown and reflect the financial difficulties that the previous owners were facing. The latter require significant repairs and renovation, which is fine if you want a fixer upper, but it's not something you want to discover after purchase. Be sure to give the home a thorough inspection before buying it, so that you won't be unpleasantly surprised by leaky roofs and septic tanks after purchase.
Important Notice to Buyer:
Foreclosed/HUD Homes are sold "as-is."
Foreclosed/HUD homes are sold "as is." This means that when you inspect the property, "what you see is what you get" and what you are agreeing to purchase. Lenders/HUD does not guarantee or make any warranties or representations concerning the condition of the property. Therefore, it is extremely important to understand that these homes are sold in "as is" condition. HUD may make or provide an allowance for certain major health or safety repairs if you are taking advantage of an FHA-insured loan. Because Foreclosed/HUD homes are sold “as is,” you should get a home inspection by a licensed professional prior to your closing so that you can make an informed purchase.
