The U.S. Department of Housing and Urban Development.
A HUD Home is a 1-4 unit single-family residence, condo, or townhome that has been conveyed to HUD by a lender. A Property is forclosed on when the borrower defaults on a FHA-insured loan. HUD then sells the property "As-Is" based on the market value of the property after an appraisal. HUD Homes vary in price, location and condition. Some homes are move in ready while others may need work.
Anyone with a Valid Tax ID, SSN or Employer Federal Tax ID issued in the United States, can purchase a HUD Home. Potential Buyers must pay cash or qualify for a Mortgage to purchase a HUD Home. You must have a pre-qualification letter from a lender, or proof of funds in the amount of, or greater than the purchase price of the property.
You came to the right place! You can use our Foreclosure Tabs to see the latest Foreclosures in Mobile and Baldwin County. You can also perform your own customized Search using our Detailed Search tab. If you need further assistance, One of our Agents will be happy to provide you with a customized Foreclosure Search.
Call Us to see a HUD Home. All buyers MUST be accompanied by a Broker or Agent when viewing a HUD Home that is listed for Sale.
Yes! Call us to place a Bid on a HUD Home.
Please contact a lender or Mortgage Broker for Financing Information. You may contact us for a list of local lenders.
You can use FHA or Conventional Financing to purchase a HUD Home. You may also purchase a HUD Home with Cash.
HUD Homes are offered first to Owner Occupants and sometimes Non-profit Organizations. That occurs during the Exclusive Listing period. Bids may be submitted by Investors at the end of this period. Call one of our Agents to see when that period ends for the property that you are interested in.
Earnest Money is a deposit towards the purchase of Real Estate. This deposit is done to demonstrate that you, the buyer, are serious about wanting to complete the purchase.
If the Seller accepts the Offer then the Earnest Money is held in Escrow by the Real Estate Broker or by a settlement or Title Company until closing. The money is then applied to the buyer's portion of the remaining costs. If the Seller rejects the Offer then the Earnest Money is usually returned. If you, the Buyer, retract your offer to purchase or do not fulfill the obligations stated in the contract then the Earnest Money is forfeited.
All Buyers are encouraged to perform a walkthrough of a property twice, Once near or on the date of your contract acceptance, and again prior to Closing.
HUD Properties are sold "As-Is" with no warranty. No repairs should be made to a property until after the new owner has taken possession of the property.
No. Although, you may wish to utilize an FHA 203K Streamline Loan to finance repairs that need to be made to the property.