Officials of New Jersey HUD (the federal Department of Housing and Urban Development) buy certain homes at public auction and then resell them to members of the New Jersey public. These homes are listed by HUD on a special online website. Those seeking to find cheap real estate deals through New Jersey HUD homes can then place bids to buy any of these HUD homes in New Jersey. Placing a bid requires the bidder to find and use an approved New Jersey real estate broker. The bidder then buys the HUD New Jersey home by paying the bid after acceptance by HUD officials.
Find the website with New Jersey HUD home listings at hudhomestore.com/HudHome/Index.aspx. You may access the New Jersey state listings by using the map and then reading through multiple pages of listings that start on the next page.
If you are strapped for time or have specific needs or preferences in a home, then you can modify your search based on the search options, which include price range, number of bedrooms, etc. For example, if you are an investor who wants to buy a Newark HUD home over $100,000, then you can easily find such houses with the search options.
Use the same website to find and negotiate a deal with a local New Jersey real estate broker. HUD requires a broker to place bids. You can find the “Find a Broker” section from the main page and then select New Jersey as the state and even narrow your broker search down to a single city with the search options.
Find a willing New Jersey lender for home financing. You may purchase a New Jersey HUD home with a mortgage if you can get a lender to give you such a loan. Once preapprove for a loan, take that paperwork and any other requested documents to your broker.
After you have provided all necessary information and deposit money to your broker, he or she can then place a bid for you.
HUD New Jersey or its property management company will then decide whether to accept or reject your bid. Once accepted, a closing agent finalizes the sale of HUD homes in New Jersey.
Before getting too cozy in your new home, you need to file a deed with the county recording office in the New Jersey county where you buy a HUD property. This is vital to protect your property interests. Get the property deed from HUD.
HUD Home Listings