What are the excluded houses?
Home is the one where the property used to secure the department sells to pay off this debt because the debtor has failed or failed to pay the loans timely. If the debtor does not make payments for the time specified in the mortgage agreement, the creditor may sell the property to repay the loan. Because the creditor wants to immediately restore his investment in a closed home, closed houses are often sold for reduced value. Buying an excluded house requires other procedures and legal requirements than normal house sales. Some closed houses go to the auction; In these cases, it may not be possible to see the property in advance.
In some cases, houses are in excellent condition; Others need big repairs. It is important to check the property before submitting the offer. It is also advisable to check the value of comparable houses to see if the price is reasonable. A real estate agent that has experience in closed homes may be useful.
extracts of closed houses are published in NOVinách, on the Internet, in newsletters and real estate magazines. You can also consult the regional official's office and display a list of closed properties. Government agencies, including the Ministry of Housing and the Development of Cities (HUD), also advertise confiscated homes.
Some investors buy a closed house at a discounted price, make the necessary improvements and repairs, and then sell the house for profit. If you are interested in submitting an offer for a closed home, check that there are some unpaid real estate tax or any other types of lien.
HUD is a home purchased with a loan insured by the federal housing administration (FHA). In the case of excluded houses, FHA will be entitled to FHA and then music the house for sale. The home is evaluated and placed on the real value market. If repairs are needed, the price reflects such a need; All HUD houses are sold in AS-IS.
the majorityIna Home Hud is sold in a sealed offer. At the end of the offer, the offers are open and the highest offer is received. During the initial period of offer, HUD houses are generally only available to those who want to live at home, not investors. However, if no one is interested in a closed home for occupancy, sales will open to investors.