Foreclosed properties present a good opportunity to look for cheap homes in Arizona. One way to look for these homes is through the United States Department of Housing and Urban Development. This federal agency buys Arizona foreclosed homes at local auctions when a mortgage backed by the Federal Housing Administration. HUD then sells these homes by taking bids from the public. Many first-time home buyers can use special programs to look for Arizona HUD homes. In addition, some HUD Arizona homes are suitable for real estate investors to fix up and resell for a profit. Thus, both owner/occupants and Arizona real estate investors should seek to look for and place bids to buy HUD homes in Arizona.
Those seeking to buy Arizona HUD homes can use the HUD home listings website to find properties of different sizes and price ranges throughout the state. Go to hudhomestore.com/HudHome/Index.aspx to start your search.
Click on Arizona on the map to find all listings for HUD homes in Arizona. However, there is an advanced search engine on this HUD homes site under the map. For example, you could search for 3-bedroom homes in Phoenix or HUD homes in Tucson under $100,000.
You will hear a lot of talk about cheap government houses for sale. This is definitely not true for most Arizona HUD homes, but you can find special programs on the site, as well. Use the “Good Neighbor,” “Nonprofits,” and other links on the main page to find those special HUD home listings.
Look through the search results to see the HUD Arizona homes that you might like to buy. When you have made a list, it is also a good idea to at least drive by the neighborhood to see what kind of place you might be buying. Later, you can also get a real estate agent to show you the inside of the home.
Find an approved Arizona HUD real estate broker or agent. Only approved agents may sell homes for HUD. They will help you fill out the paperwork, place bids and other things necessary to buy a home. To find a real estate broker or agent in Arizona, you can use the same website used for finding the HUD homes in Arizona. Go to hudhomestore.com/hud/BrokerSearch.aspx?sLanguage=English and enter “Arizona” if you want to look statewide or an Arizona city name for the homes you are thinking of purchasing.
Once you have decided you definitely want to buy one of these Arizona HUD foreclosures, you may then seek financing. What happens here is a bank or other mortgage lender in Arizona can give you a preliminary approval for a mortgage loan. Get proof of that and then take it to the real estate agent. Then get the agent to place a bid on your desired HUD homes in Arizona.
Have the agent complete the home-buying process if Arizona HUD accepts your bid. You will work with the loan officer for any loan you obtained to help you, as well. A closing agent will then close on the home so you can become the owner.
Get an Arizona deed from HUD to complete the process. You need to file a deed in the county where the property is located. Always file a deed in the recording office of that county to protect your property interest in the Arizona HUD foreclosure.
HUD Home Listings