ALL foreclosures are sold as-is. You will usually have a short period AFTER you win the property to have inspections made. You may or may not be able to cancel during this period... check the contract paperwork BEFORE bidding so you know the rules! Many foreclosures have been re-habbed with new paint, carpet... etc... and are listed at OVER market values! Foreclosures are not always a good deal... many wanna-be investors bid too high in their excitement!
A HUD home is just a foreclosure with an FHA mortgage. HUD's are NEVER rehabbed, but are ALWAYS listed at a current 3rd party appraiser's value. HUD's can only be bought by an owner occupant during the first 10 days of the listing. Bidding for HUD's MUST be done with a REALTOR that is registered with HUD. The first 10 days is open to bidding, with HUD picking the best offer on the 11th day. If HUD does not get an acceptable offer (fairly close to asking price) during those 10 days, they then open the bidding to all buyers. An experienced REALTOR can show you ALL the ACTUAL HUD sale prices compared to the list price so you can get an idea of how the system works.
100% of EVERY Foreclosure listed for sale: FHA, VA, USDA, Conventional, Freddie Mac, Fannie Mae, Private, etc... is included in the MLS... we suggest searching on properties that reflect good deals rather than if they are a foreclosed property. One thing that you may like - is we can do searches by price-per-square-foot - which can be used as a tool to identify better "deals" -- please email us or call and we can program an automatic search for you.