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HUD foreclosures present a great opportunity to purchase a home in Oakland, California. Many people have the incorrect perception that HUD foreclosed homes are in bad neighborhoods or in poor condition. On the contrary, HUD homes are simply houses where an individual defaulted on his or her loan, which happened to be insured by the Federal Housing Administration. When this individual defaulted on the loan, the FHA reimburses the lender and acquires the property instead, in lieu of a traditional bank foreclosure.
Oakland Foreclosure Properties for Sale via HUD
Similar to bank foreclosure lists, HUD foreclosures will be listed online and with real estate brokers. However, there is much more disclosure with HUD home sales. These houses are appraised and listed at their fair market value and are adjusted for any repairs that may be required. Because HUD housing listings can be difficult to locate online, with each state's listings on a different website, services which provide buyers with consolidated listings are also popular.
Another singularity to HUD foreclosure listings is that there no pre foreclosure process exists with HUD homes. Parties interested in buying foreclosures from HUD must submit sealed bids through a real estate agent during a specified offer period. In general, the highest bid will be accepted; however, sometimes HUD is looking for people to actually live in the house in question as opposed to simply using it as an investment property.
If an Oakland home is not sold during the initial HUD bidding period, the bids are opened as they are received. Furthermore, the winning bidder does not need to pay immediately as a winner of a regular housing auction normal does. When buying foreclosures, the winner has 30 to 60 days to settle the bill.
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