Oregon is a steady source of Northwest homes for sale by the Department of Housing and Urban Development (HUD). The HUD federal agency sells homes by taking bids from members of the public. Either investors or owner occupants can bid to buy Oregon HUD homes. The public can find these HUD properties by using HUD’s listings website. After deciding about which HUD homes in Oregon to purchase, a buyer places a bid through an approved Oregon real estate broker or agent.
You can start your search for Oregon HUD homes at hudhomestore.com/HudHome/Index.aspx. This is HUD’s listings website for properties on sale throughout the entire country. Fortunately, you can narrow the search down to only HUD homes in Oregon by using the map on the main page. This will give you a full list of currently listed properties for which HUD is accepting purchase bids.
You may also look by Oregon city, price of the property and other features. The search tool for selecting those features is located above the Oregon HUD home search results. For example, you could easily look for Portland HUD homes costing less than $75,000 if that is your buying limit.
To bid on HUD Oregon real estate, you now need to find an authorized Oregon real estate broker or agent to place a bid for you and do the other paperwork necessary to buy an Oregon home.
The HUD site also has a search tool to find real estate brokers. Access that tool from the home page by clicking on the “Find a Broker” link. You can then locate all Oregon brokers approved by HUD or narrow your search to Portland or any other city in the state.
Try to set up a financing deal with an Oregon lender of mortgage loans. This step is a crucial part of your bidding efforts if you need a loan to pay for the Oregon HUD homes that you find in the listings.
Once all the documents are in order, you can get your broker/agent to place a bid on the Oregon properties you have decided to purchase.
HUD Oregon officials can then accept your bid and demand certain additional documents and a deposit within days. Have that money ready to pay. You will then work with your Oregon broker and a closing agent (and lender if you have a loan) to complete the sale and close on the Oregon HUD home.
U.S. law is pretty consistent about the need for a property deed when buying real estate. Oregon is no different. Get a deed from the agency for every HUD home in Oregon that you buy. You then need to head to the recorder’s office in the Oregon county of your new house to file that deed as soon as possible.
HUD Home Listings