HUD Foreclosures
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HUD Foreclosures
The U.S. Department of Housing and Urban Development (HUD) oversees an enormous amount of real estate, as well as mortgages and loans that have been defaulting en masse. As a result of this influx of foreclosures only exacerbated by the subsequent credit crunch, HUD foreclosures are some of the best real estate deals available on the internet today.
Which House Is Best For You?
When dealing with HUD foreclosures, you have basically two options: you can invest in either a fixer-upper that may have seen some neglect from its previous owner, or try to buy houses that are in acceptable shape, asses their market value, and re-sell without ever even visiting the property. This is primarily the business that I am involved in, as the thought of fixing up a house seems like a lot of work to me. Of course, if you already have a reliable team of workers perhaps that option is for you.
Flipping Houses Can Be Easy As Pie
But since I am concerned with flipping HUD foreclosures and flipping them fast, I don’t spend much time with houses that need work. There is a little more competition for these since most HUD foreclosures have some repairs necessary. But thanks to the power of the internet, it is entirely possible to find properties that HUD has repossessed that don’t really need any work at all and turn them over for a profit at market value.
Buy Low, Sell High
It is important to understand why exactly this works. After the housing bubble burst on 2007, foreclosure rates (especially HUD foreclosures) went through the roof. However, neither banks nor the housing authority want all these foreclosed properties sitting on their hands: they want liquid assets. Often times then they will sell off the property at a fraction of its value just to move it and recoup some of their losses.
Foreclosures Aren’t Hard To Find Anymore
I have been working the foreclosure market for over fifteen years now, and when I got in it was a very exclusive club. Foreclosure lists were traded among industry insiders and gurus, and to gain access you either had to be an insider yourself or have the right friends. Today, however, anyone can experiment in the foreclosure market, even with little or no money or credit. Lists are readily published on the internet and can usually be accessed for a small subscription fee.
Who Has The Best Lists To Use?
At this point you are probably thinking, “Well, what websites are worthwhile?” Your suspicions would be correct to assume there are some less-than-useful subscription services out there funneling money from people. Any reputable subscription list, however, will usually provide you with a free trial period to check out their listings and try flipping a few properties.
Lately I have been using RealtyTrac and am currently in the process of switching most of my business to them. Their selection of properties is getting bigger every day and the information available is always detailed and accurate. And the more people that use it, the more standardized it becomes. Whether you are a newbie or a veteran in the real estate or foreclosure business, there has never been a better time to get involved in the market.
Photo By Pelmore
