Philadelphia, Pennsylvania consistently has one of the top 10 populations in the United States. As such, this major Northeast city has a plethora of HUD foreclosures for sale throughout the year. HUD is a federal agency that insures many home mortgages through FHA and then buys some of those properties at foreclosure auctions when the homes go into mortgage default. Some members of the public can reap the rewards of this situation by finding cheap Philadelphia HUD homes. These buyers must use a Philadelphia real estate broker to place bids on the properties after finding the HUD homes in Philadelphia in online HUD house listings.
First, you need to find the Philadelphia HUD homes and see which ones meet your preferences and requirements. Start out by going to hudhomestore.com/HudHome/Index.aspx. This site is owned by HUD and is provided to the public as a listings reference site for nationwide HUD homes. Just select Pennsylvania and then Philadelphia on the next page to get to the Philly HUD properties.
When using the search tools, you can also pinpoint what you want by selecting other search variables, such as size, price and buyer type (most buyers of HUD Philadelphia homes are either owner occupants or investors).
After compiling a list of properties to bid on, you need a Philadelphia real estate broker or agent to process the bids. HUD requires this to make it an easier and more efficient system for the agency and buyers.
Find available brokers in the Philly area by using the HUD listings website. You can use a search engine that lists all Pennsylvania brokers by clicking on “Find a Broker” from the home page. Select Philadelphia or a nearby city to narrow your agent search.
The last major obstacle for most Philadelphia HUD home buyers is financing. This is because HUD Philadelphia officials will not sell you a property unless you have either the cash or a mortgage loan to complete your purchase of a Philadelphia property.
Once you have secured financing, take that paperwork and anything else your broker asks you to bring. Your Philadelphia broker will then submit a bid for the real estate that you want to purchase.
Having been approved for a home purchase, you would then complete the transaction with the help of your broker, Philadelphia lender and a closing agent chosen from an approved list. You must work with your lender to present the balance of the HUD home’s bid price at the closing, which is a few weeks after acceptance of the bid.
Head to the recording office in Philadelphia County to file a deed on all HUD homes in Philadelphia that you purchase. Do this as soon as possible to protect and preserve your interest in the Philadelphia properties. You should get the deed from HUD.
HUD Home Listings