One way to look for cheap house deals in Florida is through the Department of Housing and Urban Development (HUD). This federal agency buys foreclosures at auction when the home owner defaults on a loan insured by HUD’s Federal Housing Administration. Aspiring home owners looking for their own house and home investors can look to Florida HUD homes for possible bargains.
The way the process works is that a management company sells HUD homes in Florida to bidders. These bidders must place a bid on HUD Florida homes through a registered real estate agent. Those who place an accepted bid then pay the money to HUD to buy the Florida home.
Go to the Housing and Urban Development listings website at hudhomestore.com/HudHome/Index.aspx to find Florida HUD home listings. You will see a map on the home page. Click on Florida on that map to start your search. You will then see a full list of results across multiple page numbers.
Narrow down your search for HUD homes in Florida by using the search options above the Florida home listings. For example, if you want to buy investment properties in Jacksonville, then enter “Jacksonville” for the city and “Investor” for the buyer type.
Note: When searching for HUD Florida homes, keep in mind that only some of the properties are available to investors. The others are reserved for owner occupants. This is the purpose of the “buyer type” search feature.
Before making a final decision on which Florida HUD homes you would like to purchase, you should also check out any special programs or offers from HUD. You may search for Florida homes that are part of the “Good Neighbor Next Door” program by using the “buyer type” search option. You may also look for other special program on a nationwide basis by using the links below the map on the home page.
You will next need to get a real estate broker or agent that is approved by HUD to place bids on HUD homes. An approved Florida real estate agent can be found on the HUD website with the Florida home listings. You can find a “Find a Broker” link on the main page. Click that and then search for brokers throughout Florida or narrow your search to cities in which there are HUD homes in Florida that you seek to buy.
Speak to a Florida bank or mortgage lender if you are trying to buy a HUD home as an owner occupant. These lenders typically provide preapproval based on the price range of the property. You can then use this preapproval documentation to improve your chances of having your bid approved by Florida HUD authorities.
Get your Florida real estate broker to place bids on your behalf. If and when HUD accepts the bid, you will need to go back to your lender to get the loan finally approved. You will also work with your broker and a closing agent to close on the HUD Florida home.
Obtain and file a property deed from HUD. In Florida, as in every state, a deed shows your ownership in the property and gives notice to the public of your interest if you file it in the proper place. File the deed in the real property recording office in the county of the HUD homes you buy in Florida.
HUD Home Listings