Texas has the second largest population in the United States. As such, it provides opportunities throughout the state to find Texas HUD homes for sale. Officials of HUD sell foreclosures that were originally purchased at auction by the agency in response to the foreclosure of a mortgage backed by FHA. HUD then offers the homes in Texas to the public to make back the financial loss caused by the foreclosure. Those interested in buying HUD homes in Texas should first look for them through HUD listings of Texas properties. After deciding which properties to buy, a buyer then gets a Texas real estate agent to place a bid on the properties.
Step 1:
Hunt down HUD Texas homes of all sizes and price ranges with HUD’s listings website of homes for sale. You can access this site at hudhomestore.com/HudHome/Index.aspx. You should first find all Texas HUD homes by clicking on Texas in the map. Now that you have found all of the properties, you can save loads of time by entering your preferences for a home.
For example, you could search for all Austin HUD homes that are on sale for less than $70,000 and have 3 bedrooms. Many of these listings are for owner occupants (see the “buyer type” option), but others are also available for investors looking for cheap Texas homes for resale.
Step 2:
Find a Texas real estate broker in each city where you have a HUD Texas home that you want to buy. This step is mandatory simply because HUD does not allow bidders to submit their own bids.
The HUD site also has a database of registered brokers who can place bids on HUD real estate. Visit the broker search by finding the link on the home page. Once there, you can then enter a Texas city to find a broker for each home for which you intend to place a bid.
Step 3:
Now that you have found a broker, the next help you need is generally from a lender for financing. HUD routinely sells to owner occupants that need a loan to buy a Texas HUD home. In fact, you will probably have to receive preliminary approval for a loan before HUD will accept any of your home bids.
Step 4:
Give the loan documents and other required paperwork to your agent. The Texas agent will then submit a bid for each Texas HUD property that you want to purchase.
Step 5:
Close on the Texas home if HUD Texas officials accept your bid. Besides your agent and your Texas lender, an approved closing agent (HUD also approves closing agents) will perform the duties of closing on the property.
Step 6:
Get a deed for each HUD home in Texas that you purchase. You need to file this deed with the county clerk in the county of the property as soon as possible to protect your interest in the home.
Sources:
HUD Home Listings
