San Antonio is the second largest city in Texas in terms of population. It boasts a steady stream of foreclosures listed for sale by the federal Department of Housing and Urban Development. HUD needs to sell these properties to make back or at least lessen the loss caused by foreclosure on a mortgage insured by HUD’s Federal Housing Administration. Interested residents can find San Antonio HUD homes by searching through HUD’s free home database. They can then offer to buy these homes by presenting a bid to buy HUD homes in San Antonio.
HUD recently came out with a handy website to search for HUD foreclosures throughout the United States. This site, located at hudhomestore.com/HudHome/Index.aspx, will allow you to find HUD San Antonio homes by choosing Texas and then refining that search on the next page to include only San Antonio HUD properties.
To really find what you are looking for, you can also select a price range, number of bedrooms and several other factors that will return search results matching your desired properties.
To buy San Antonio HUD homes, you will then need to get a broker in the San Antonio area who is approved by HUD to place bids on behalf of buyers. The same HUD homes site mentioned above has a “Find a Broker” feature for this purpose. Use that search feature to select San Antonio or a surrounding city. Call up brokers and ask details about how to bid on HUD homes in the San Antonio area.
Your broker will usually tell you to get some financing through a San Antonio mortgage lender. Go out and speak to lenders in San Antonio about your plans to purchase HUD properties and ask for preliminary approval for a loan.
Get back with your San Antonio broker/agent as soon as you are approved for a mortgage. The agent will then complete all paperwork and submit HUD bids for you.
Wait to see if HUD San Antonio officials accept your house bid. If they accept, then your broker will give you further instructions. You will have to pay a deposit within days and the full price of the San Antonio HUD home at the closing. Work with your lender to secure the bid money.
In Texas, a real estate buyer must file a property deed with the county court clerk. When you successfully buy a HUD home in San Antonio, you need to obtain a deed from HUD and file it with the Bexar County court clerk.
HUD Home Listings