HUD Foreclosures

The Federal Housing Administration (FHA) is the organization of the U.S. Department of Housing and Urban Development (HUD) that insures certain mortgage loans for lenders. If the lender forecloses on the loan, FHA repays the balance of the loan to the lender and the title to the home reverts to HUD. HUD then sells these homes. These homes are commonly referred to as HUD homes or REO homes. 

All HUD homes are offered without regard to race, color, religion, sex, national origin, handicap, or familial status. Anyone who is pre-qualified for a mortgage loan may offer to purchase a HUD home. These homes are not exclusively for low-income buyers, but most are regarded as affordable for low to moderate-income purchasers within the market areas where they are located. There is an initial period when only owner-occupants are allowed to purchase, after which time investors may also buy.

HUD foreclosure property is marketed in the Joplin, Webb City, Carl Junction Missouri and surrounding area by a company called First Preston.  First Preston also markets some bank-owned (REO) foreclosure property for Joplin MO, Webb City MO, Carl Junction MO and the surrounding area.  The process of bidding on, and buying, these properties is more complex than traditionally-listed properties.  You are required to work with a HUD approved REALTOR who can help you navigate this process.  

I am a HUD approved realtor and the #1 HUD foreclosure agent for all of Joplin Mo Real Estate. Click here to tell me how I can help you with HUD foreclosures or any other real estate needs.  You may also click here to search for HUD homes and bank-owned foreclosure property on the First Preston website.

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