The Department of Housing and Urban Development’s FHA insures mortgages. A certain percentage of these mortgages go into foreclosure due to loan default by the owner. At this point, a foreclosure sale is sometimes held. HUD buys some of these foreclosed properties in Virginia so it can resell them to the public at large. Those who wish to buy these Virginia HUD homes can find listings of the homes online using HUD’s search tools. Once a buyer decides on a particular home, the buyer can then bid to buy it through a Virginia real estate broker authorized by HUD to place bid on HUD homes in Virginia.
Let’s say you want to buy a HUD property in Fairfax, Virginia. The first thing you would do is go to hudhomestore.com/HudHome/Index.aspx. You would then click Virginia on the map on that page. You would then select Fairfax as the city or just view the results to get the statewide list.
The reason you want to buy a HUD Virginia home is also relevant. Owner occupants can buy any home, but investors looking to buy and immediately fix up and home and resell it can only buy certain listings. The “buyer type” feature in the search tools lets you know which Virginia properties are available to investor types.
Go back to the home page on that HUD homes site. Now, you need to use the broker search to find a Virginia real estate agent or broker approved by HUD to place bids on Virginia HUD houses. Look for the “Find a Broker” link to get started. From there, you can search the whole state or search by city. For example, if you have HUD homes in Richmond that you want to buy, you can look for a HUD Richmond agent.
For most buyers, you would then need to get financing set up through a Virginia bank or similar mortgage lender. Unless you actually have the money in the bank to buy a Virginia HUD home outright, you are going to need to show proof of financing from a lender.
Give all requested paperwork to your Virginia broker. Get the broker to complete the bidding process.
Now, let’s assume that HUD Virginia officials accept the bid. You will now use your broker and an assigned closing agent to close on the house. Your lender will also have to approve transfer of the bid money at closing.
Virginia is similar to other states when it comes to real estate ownership. It also has a deed filing system. This is why it is imperative that you get a deed from HUD for the HUD homes in Virginia that you purchase. File the deed in the county recorder’s office in the Virginia county where your property is located.
HUD Home Listings