Upcoming Foreclosures

What closing costs does HUD pay when purchasing a foreclosure? What do they NOT pay? Any websites avail?

In the process of purchasing a HUD foreclosed home, 1st time homebuyer HUD DOES pay upto certain % (cant rememeber exactly what at the moment) but they'll only pay certain items and thats what I was wondering. Ex. they are not going to pay for YOUR lawyers fees.

Public Comments

1. HUD/FHA does not own homes. HUD is the government agency regulating FHA. FHA insures loans. The actually lender owns the property. That is why HUD/FHA do not pay closing costs. They don't own the properties.
2. Well its not hud that pays for the closing costs its included in the fha mortgage if agreed upon prior to approval.
3. There's a lot of information on government-owned homes out there. But frankly you have better luck with the county owned homes versus HUD foreclosures as HUD foreclosures tend to have more stricter rules just to even bid on a home. With county owned properties, you can check the county appraisers for what they own and bid on it directly. For instance, in Florida the counties have tax deed sales every two weeks that you can bid on as long as you have a $200 deposit. If it was a HUD auction, you would need to have paperwork, a HUD realtor to bid, etc. A mess. Also before you jump into any type of foreclosure investing mode, make sure you have a checklist or a guide that take you step by step. The best book I have read on the subject is called the Complete Guide to Real Estate Tax Liens and Foreclosure Deeds: Learn in 7 Days [ISBN 0978834682] by Don Sausa. Check it out on Amazon or your local bookstore.