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ED DOWNS HOMES
Here to help you in your sale or purchase of homes.
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BANK FORECLOSURE'S AND HUD HOMES
There are many oportunities and many pit falls when looking into purchasing a bank foreclosure or a HUD home.

Common among both are: The sellers have not lived in the home so are not able to make representations as to conditions or experiences of the building. Both expect offers to be made by financially prepared buyers, and there are penalties imposed for delays.

Different, banks are trying to sell the property because they had to foreclose for lack of payment. HUD has actually purchased the foreclosed property through it's insurance program, and does direct or favor purchasers who will live in them over persons who are using them for investment.

Banks handle their liquidation individually, with their own set of rules, HUD is more center controlled. Click on my link, HUD homes, and you will find the homes available.

In both cases, you are advised to have an agent represent you. HUD requires it, most banks also require it. In almost 100% of the cases, banks will not finance the sale of a home they have in their inventory. In some instances, HUD homes can be financed through FHA.

In Bank homes, you can have an inspection after acceptance of offer, in most cases.

HUD homes you must have inspection before you make the offer. Figure about $400.00 including getting utilities on and off.

IN ALL CASES, THESE HOMES ARE AS IS.

If you would like help in purchasing a foreclosure or HUD home please e-mail me