Phoenix is the largest city in Arizona. The city and its surrounding suburbs have a large amount of homes for sale by the Department of Housing and Urban Development (HUD). These homes are HUD foreclosures purchased by the agency when Phoenix home owners with a mortgage backed by the agency go into default on the mortgage loan. Savvy home buyers can look for great deals on these Phoenix HUD homes by learning how to hunt them down online. When a buyer finds a HUD home in Phoenix that he would like to purchase, he arranges to place a bid by enlisting an approved Phoenix real estate broker.
Hunt down Phoenix HUD properties at hudhomestore.com/HudHome/Index.aspx. This HUD listings site allows you to search by state and city. Start by selecting Arizona in the map and then Phoenix or one of its neighboring cities or suburbs on the next page.
See if you can find the exact size, price range and location for your desired Phoenix HUD home with the other search options. You can also find homes open for bidding by investors by choosing that type in the “buyer type” drop-down menu.
Now that you have a HUD home in Phoenix that you want to buy, you need the help of a Phoenix real estate broker to perform the bidding process. This is mandatory for all buyers of HUD Phoenix properties because HUD rules require an approved broker to bid on all property listings.
If you need money to finance your purchase, then your next step is to get a Phoenix lender to give you a mortgage. In some cases, HUD’s FHA will even insure the mortgage. Ask your lender about FHA loans.
Speak to your Phoenix broker to learn more about the bidding process. Follow his or her directions to provide all necessary paperwork for the HUD bid. When you are ready, have the broker submit your bid.
Now, let’s assume that HUD Phoenix officials agree to sell you the property. You will become the owner by submitting a deposit and other paperwork through your broker (and lender). At the house closing in a few weeks, you pay the balance of the bid to purchase the Phoenix HUD home. HUD has approved closing agents in Arizona that take care of the closings on the Phoenix properties.
As in most states, Arizona has a deed filing system based on county real property records. File the deed on all HUD homes in Phoenix in the recording office of Maricopa County. You should a deed from HUD or the closing agent.
HUD Home Listings