Buying HUD Homes in the Miami-Dade County Area
If you're searching for a foreclosed property in Miami-Dade County, consider purchasing a HUD home. Often called real estate owned (REO) properties, foreclosed and HUD homes are an affordable housing option in the Miami-Dade area. Unlike non-foreclosed properties, HUD homes were purchased with an FHA loan and were acquired by the federal Department of Housing and Urban Development (HUD) after the home was foreclosed. Since HUD homes are government-owned, there is a unique process to search for, make an offer on, and ultimately buy the property. Here is an overview of the HUD home buying process.
Buying a HUD Home Resources
How to Find a HUD Home for Sale
The HUD Home Store is the listing site for such government-owned properties. There you can search online for a home by state and county and place a bid during the online auction. In order to buy a HUD home, you'll need to contact a real estate broker who is HUD-approved to submit a bid for you.
HUD Buying Questions
If you have the required cash or can qualify for a loan (subject to certain restrictions), you are eligible to buy a HUD Home. There's a certain priority for purchasing HUD homes, however. They're initially offered to people who are buying the home as their primary residence, called owner-occupants. After that, any unsold HUD properties are available to all other home buyers, including real estate investors.
Absolutely. The Department of Housing and Urban Development will not pay to make repairs on foreclosed homes, so the responsibility falls on the new owner to correct any damages. It's best to get the HUD home inspected by a licensed professional before you submit an offer to purchase the home. There are additional financing options available should you need to make major changes on the property, like an FHA 203(k) Rehabilitation Loan.
HUD properties located in designated "revitalization areas" are available at a reduced sales price as a part of the Good Neighbor Next Door sales program to:
- law enforcement officers
- preK-12 teachers
- emergency medical technicians
- local governments
If you have any other questions about buying HUD homes, an HUD home FAQs for the general public can be found on the HUD website.