HUD Forms

http://www. best-assets. com/ is the very best site for providing forms to purchase HUD foreclosed properties.

On this site, which is very user friendly you can do all of the research you would like on the properties that HUD presently has on the market for buyers to consider. If you are thinking of purchasing a HUD repossessed property you need this service because you can do all of your research online about the properties. On the site you first go to the green line which identifies the sections on the website. You go to "Listings/Bids" where you will get a map of the US. Click on your state and that will give you the listings in your state. Then you go to the city where you wish to purchase a HUD listing and then if there are any available in that city the city will be listed with a box to check. If there are no HUD foreclosed properties presently in that city, the city will simply not appear. From there you will be able to see the addresses and applicable information for that listing. On the right hand side you will see a list of potential bidders.

For the first 10 days of a listing only owner-occupied buyers as well as government entities can bid on the properties. After the initial 10 days are up then HUD opens the listings up to all bidders which then allows investors and others to bid. HUD's first responsibility is to try to sell the homes to people that will live in them. Below the address on each of the listings is a link for "Property details". Typically there is a lot of information there that you should read. HUD properties are exempt from property disclosure (Iowa) because all foreclosed properties are exempt from property disclosure except for lead based paint. Typically in this section they will give you information about lead concerns and mold concerns if any. They have inspectors that do a full inspection on the homes they get back and this is very important information for potential buyers.

You must go through a licensed Realtor in order to place a bid on a HUD foreclosed listing and the Realtor's company must be registered with HUD in order to submit bids to them. This is a relatively easy procedure as many companies are registered with HUD to sell their properties. Once you have your Company HUD information entered then you go on to all of the other applicable HUD documents that you must fill out in order to submit an offer. Be careful! You must submit your bid online and then you must submit all documents within 48 hours overnight to HUD. If you do not do things the way they want you to do them your bid could be dropped from their system. You can always resubmit your bid the next day. The procedure can be daunting the first time but is very simple if you do it a second or third time.