Upcoming Foreclosures

What is the best way to be informed on HUD Homes that are going trough foreclosure?

I am looking at the foreclosure market. I have an inside track on the countrywide homes that are being forclosed on in my area. I am looking in to trying to find out about the Fannie May, Mac, and HUD homes.

Public Comments

1. You should be able to get a listing of foreclosed homes from the city hall of the area that you are interested in. I understand that you have to bid on the homes to the banks that own them. Lots of times these homes are absolutely trashed by the previous owners before they are evicted. Who knows though you may be able to score a deal. Especially in this buyers market.
2. http://www.hud.gov/ Visit and sign up at their site.
3. HUD contracts brokerages in each state to list HUD foreclosures. So, you'll need to find the database of HUD homes for the state you're interested in. Here's a list of all the databases of HUD homes for sale: http://www.hudauctionwatch.com/where-to-find-hud-homes-for-sale/ Buying HUD foreclosures is quite different from purchasing regular foreclosures. You'll need to find an agent that is registered with HUD (not all agents are certified and registered agents are the only people who can place bids). HUD will list a foreclosure home on the state database and then open an online auction for owner-occupant bidders (people who promise they will live in the home for at least 12 months). If an owner-occupant bid is not accepted before the set date, the auction then opened to investors. Before making a bid, you have to submit a pre-approval or pre-qualification letter to your real estate agent, as well as an earnest money deposit (usually $500 or $1000). Good luck! Some states have $100 down payment incentives for HUD home purchases going on right now, you may want to check that out.