Georgia HUD officials sell many homes throughout the state through a bidding process. Those seeking to look for Georgia investment properties or homes to live in should check Georgia HUD homes for potentially valuable bargains compared to normal homes on the market. The Department of Housing and Urban Development sells the homes in an attempt to recover losses incurred by defaulted home loans insured by HUD’s Federal Housing Administration. These Georgia HUD foreclosure properties are first bought at a public auction by HUD. They are then listed by a property management company. Those seeking to buy any of these Georgia HUD homes need to use a local agent to bid on the properties. The buyer then purchases a HUD home in Georgia by paying off the bid.
Start your search for statewide listings of HUD Georgia homes by going to hudhomestore.com/HudHome/Index.aspx. Click “Georgia” on the map to quickly get to the full list of HUD homes for sale in Georgia. However, this is a very broad search and would take you a great deal of time to look at all the Georgia HUD homes. Thus, it is better to refine your search for the kind of house you wish to buy (and the purpose for buying it).
On the first page of the search results for Georgia HUD properties, you will see some search options near the top of the page. Use these to find what you are looking for in terms of size, location, pricing, etc. For example, you could look for Atlanta HUD homes that cost less than $50,000. Of course, this would be a small list. Expand or refine as necessary to find what you want.
Note: Searches for HUD homes in Georgia can by further narrowed by the buyer type. For most people, the buyer types that are relevant are owner occupants and investors. This distinction is important because the prime goal HUD Georgia officials for some properties is to sell to a home owner who will actually live in the home.
Click on “Find a Broker” on the home page referred to above. Now, you need to find a Georgia HUD broker. Only brokers or agents approved by HUD can place bids for you. Buyers do not personally place bids on HUD homes in Georgia. The broker must submit the bid and other paperwork if you want to bid on a HUD home for sale.
Note: You also should speak to a Georgia bank or mortgage lender once you have a list of properties that you would like to purchase. The lender can give you preapproval pending your future purchase of a Georgia HUD property.
Speak to the agent to finalize your bidding plans. Have the agent place a bid on the Georgia property you are trying to purchase. HUD will then decide whether to accept your bid.
When the home bid is accepted, you now need to have the agent complete the paperwork. If you have a loan from a Georgia lender, you also need to finalize the deal on that loan. Eventually, you then close on the house through a closing agent approved by HUD Georgia.
Finalize the purchase of HUD homes in Georgia by getting a property deed from HUD. A Georgia deed needs to be filed in the county of the HUD foreclosure that you purchased. Each county has a real estate recording office for this purpose.
HUD Home Listings