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Monday, June 21st
HUD Foreclosed is based in California and has been in business for over 12 years. They offer Foreclosure Listings starting at $10,000 and typically have thousands of home listings in every state.
It's important to note that HUD Foreclosed doesn't broker any sales themselves, similar to most of the Foreclosure Listing services in our review. Instead, they gather information from banks, title companies, and other public sources of information to compile their listings.v
HUD Foreclosed has a pricing structure that is more complicated than other services providing Foreclosure Listings. Yes, you can get a three-week trial for just $1, but you'll only be able to subscribe to a month-to-month membership plan at $49.60/month afterwards. You can save money with a 6-month membership for $99 or a 1-year membership for $179, but you'll have to go into the service blind because there's no trial period offered on those two plans.
You can enter a zip code or other area you're interested in, to get a preliminary look at what HUD Foreclosed offers. In the zip code we entered, we were able to see a list of FSBO, REO Foreclosed, Rent to Own, and other properties in the area. But we couldn't see any other information when we clicked on the listing without signing up for a paid membership.
Unfortunately, we found so many comments stating how hard it was to cancel a membership, there was no way we wanted to disclose our billing information to HUD Foreclosed. We were also concerned about the quality of the data offered by this Foreclosure Listing service. For example, someone commented on the company's Facebook page that they found several properties they own listed as foreclosures - but those homes were foreclosures over 15 years ago and have been owned by the commenter ever since. Getting Foreclosure Listings is only useful if the information is up-to-date, and HUD Foreclosed doesn't seem to be doing a very good job at that.
The only reason HUD Foreclosed doesn't get a lower rating is because of their reputation with the Better Business Bureau, which included an "A+" rating and accreditation, and only 2 complaints registered there in the last 3 years.
With many other websites offering Foreclosure Listings either at no charge or for a free trial period, there's no compelling reason to use HUD Foreclosed other than their good reputation with the BBB. We think you'll have a more satisfying experience with one of the higher-ranked Foreclosure Listing services in our review.
Generally speaking, it should be easy to find properties that are in foreclosure, pre-foreclosure, are bank-owned (REO) or maybe even available for short sale. Why? According to the Mortgage Bankers Association, 1 out of every 200 homes will eventually be foreclosed on with 250,000 families entering into foreclosure every 3 months.
Although the total number of homes in foreclosure now is still much lower than the mortgage crisis over a decade ago, there are still thousands of homeowners that find themselves unable to make their mortgage payments due to unemployment, divorce, or other reasons. Eventually, the lender forecloses on their home.
At the same time, this can be a huge opportunity for people looking to start or expand their investment portfolio by getting properties well below market cost, or to buy a home for themselves at a significant discount. Plus, the original homeowner may be able to avoid bankruptcy or other negative financial consequences through your purchase of their home, even at a reduced cost.
It's important to realize that many homes purchased as a foreclosure are sold as-is, so budgeting for things like repairs or replacing appliances is key. Another factor to keep in mind is that it may take longer to close on a foreclosed property than in a traditional home sale. If the property is bank owned, the bank may not be as motivated to cut a quick deal or close quickly. And, there can also be a legal component to getting the current residents to vacate the property before you can take occupancy.
Once you're ready to find a foreclosed property, where should you look? There are several services that provide Foreclosure Listings, doing all the legwork of searching databases and other sources of information to give you the details on the properties in your target area.
When deciding which Foreclosure Listing provider to use, keep these criteria in mind:
TopConsumerReviews.com has reviewed and ranked the best Foreclosure Listings available today. We hope this information helps you in your real estate goals, whether you're buying a home for yourself or adding to your investment portfolio!
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