Interested in buying a bank owned, “distressed” or HUD Home? You have come to the right place. Below is some information on bank owned homes as well as HUD homes. Come meet with our expert team and we will work with you to get what you want in this market.
What's the difference?
When an owner defaults on the loan the trustee is directed to enforce the Deed Of Trust. The Deed of trust provides for taking possession of the property or selling it on the courthouse steps. On other types of loans which are commonly referred to as conventional the bank that held the loan retains the property for sale. A FHA or VA loan is insured by the government and if the holder of the lien wishes to apply for this protection the government pays the insurance and takes possession of the property. These properties when insured by FHA are what are commonly referred to as HUD Foreclosures or if insured by the VA are VAForeclosures. Typically the banks hire an Asset Manager to handle the sale of the properties.
HUD ASSET MANAGEMENT COMPANIES
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WHO CAN BUY A
A HUD Home can be sold to just about any homeowner who has cash or can qualify for a loan, ideally buyers who want to use the home for their primarily residence. If it is not sold, then it goes on the market to investors or second home buyers.
Buying HUD Homes: HUD Home is a residential property that has a FHA insured mortgage and goes into foreclosure. HUD then acquires the property and lists it through a real estate broker. The real estate broker must be registered with HUD to make an offer and submit a contract on HUD owned real estate. Certain groups are able to get special rates for buying HUD homes, including police officers, teachers and firefighters through the Good Neighbor Initiatives.
With the shift in the REO market, we have been presented opportunities that have not been realized or taken advantage of by the market at large. These are opportunities that have never before existed. The status quo of our business has changed, and the business-as-usual approach no longer works. Therefore, Briko Realty Services is bringing the change and the opportunity to the marketplace with the tools and resources to do just that.
Briko Realty Services was born from a shift in the REO marketplace. As a result we have been able to identify and adapt to the opportunities presented by the shift. With the vision, leadership and partnerships of our organization, we have formulated a way to help the market make the changes that need to happen.
The Briko Realty team brings the highest level of market knowledge and intuitive-based experiences to help people make the shift and survive through partnerships, education and services. The collective experience of Briko Realty comprises more than 50,000 REO sales and over 30 years of experience with REO, Mortgage Servicing and Finance. We are here to connect the dots of opportunity so you do not miss out.