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Orlando Real Estate is it true you can buy a hud home for as little as $100 down

April 15th, 2008 by tisner

Orlando Florida Real Estate Foreclosures

Orlando Florida Real Estate and Florida Real Estate across the state as you have heard on the news is experiencing a high volume of foreclosures.  One of these types of foreclosures are hud owned homes. 

A hud home is one that is owned by the US dept. of Housing and Urban Development.  The key is to find one that is eligible for FHA insurance.  If you find this type of property there may be the possibility to make an offer with as little as $100 down.  If not the downpayments may be anywhere from 5-20% of the bid price not to exceed $2000 and not less than $500.

So where do we find these homes.

Properties are listed about evey 2 weeks at foreclosurefreesearch.com this site shows about 100 new options every two weeks.  Currently as of today just in Orlando there were 1057 properties listed at the site.

There is also a new feature at this site for preforeclosures.  You must use a real estate agent to bid on these properties and there are also special forms that need to be used.  Time frames for bidding are also stated.

Most important to remember a foreclosure  is sold as is no warranties or structural or mechanical warranties.  So Buyer beware get your own inspections for sure. 

By the way if you are an investor you will be required to put 10% down.  It is important to note that you really need to have cash to purchase these properties and getting financing is next to impossible.

Also there is a difference between judicial and non judicial foreclosures.  In a judicial the lein holder request the sale for the unpaid balance of the loan, in non judicial the sale is in the mortgage or deed of trust, in which case be sure to know if title insurance can be given.

You can read a book on this process and guides as this process is not as easy as it seems.

I recommend The Smart Money Guide to Bargain Homes How to Find and Buy Foreclosures by James Wiedemer or Real Estate Investing from A-Z by William Pivar both available on Amazon.com

There are also VA forecloseures availabe from the Dept. of Veteran Affairs these are homes the VA has guarantees to  Veterans that are in default.  Owner occupiers of this kind of propety may qualify for downpayments as low as 2%.

If you are interested in checking out specific neighborhoods in and around Orlando Florida call us we check each subdivision to see what is available.  It is important to note that a foreclosure may not always be a great deal as condition and location still are factors in any real estate transaction.

 

 

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Teri Isner, CIPS, CRS, GRI
Keller Williams At-The-Lakes
66 Riley Road
Celebration, Fl 34747

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