Are you looking to buy abandoned property from a reliable source? The U.S. Department of Housing and Urban Development, or HUD, is one of the most reliable sources of abandoned and foreclosed homes out there. This government agency lists abandoned homes for sale in one place, allowing you to search for unclaimed homes across the U.S.
When a home goes into foreclosure, HUD can claim and resell it. This is most common with homes that were financed with an FHA loan, which is a type of mortgage insured by the Federal Housing Authority.
HUD lists these abandoned houses for sale as soon as possible to reclaim some of its losses. It sells the homes at a much lower price than market value in order to attract as many buyers as possible for a quick sale.
While you can’t usually find abandoned houses for free, you could stumble across properties that start the bidding at just $100. Some homes even sell for as little as $10,000!
You could even find abandoned farms for sale, depending on the area in which you are searching. These are most often located in rural areas of the country.
To find abandoned property for sale from HUD, simply conduct a search on the HUD portal. You can type in the city, state or country in which you plan to buy. To narrow your results, you can use filters based on property type (single family home, condo, etc.), lot size and more.
Note that some listings may only contain one or two pictures of the exterior. Not all properties have information about the interior of the home, which could be risky. There could be underlying problems inside the house that are not revealed on the website.
Find an abandoned property for sale that you like? You can place a bid on the property with a HUD-approved broker. These are the only individuals that can use the HUD portal. You can work with the broker to determine your bidding strategy. You can find a HUD broker on the website once you are ready to place a bid on a home.
Note that the HUD portal is competitive. Homes often sell quickly, so if you see one you like, it’s best to start the process as soon as possible. If you plan to finance the home, consider getting pre-approved before searching the portal. That way, you have all the paperwork ready to purchase the home.