Now, you probably rent a house in an region and then you want to own the house that you rent for some reasons. You are able to do that as long as the owner want to sell it to you. But, how about HUD Foreclosure rent to own? Well, we are going to explain about it briefly in this article.
First, you need to know the definition of rent to own. Rent to own is a method to purchase or sell something over time which gives the buyer an option to buy at some point in the future. With a traditional purchase and sale, the buyer and seller have to complete the purchase more or less soon after they agree to the terms, but rent to own is different. In the agreement of rent to own, the buyer and seller agree to the possibility of a sale at some point in the future. Ultimately, the renter will decide if the transaction will actually take place. When the renter decide to buy the home, he will make payment to the seller and a portion of those payments will reduce the money needed to buy the house at a later date.
Now, what is a HUD Foreclosure? Is there a HUD Foreclosure property that can be rented to own? Now, let’s find information about HUD Foreclosure. HUD is the US government’ Department of Housing and Urban Development. The mission of HUD is to increase homeownership, support community development and also increase access to affordable housing. To do that, HUD sponsors special mortgage programs and insures loans for qualifying home owners. The loans are not immune to foreclosure. If there is a person with a HUD-insured mortgage is not able to meet the payments, standard foreclosure activity follows and the lender repossesses the home.
But, unlike an REO foreclosure, the HUD homes transfer ownership to the government who then pays the lender what is owned. Then, HUD will become the motivated seller who is interested to sell the home as quickly as possible and often it is at a discounted price. HUD foreclosure are sold “as-is” without warranty and it means that HUD will not pay to correct any problems. If HUD homes need some repair, they are able to offer some of the best bargains in home sales since special government sponsored buyer programs is probably available on these homes and also available only on government repossessed homes. The programs will change from time to time. So, qualified buyers have to act fast to secure the best deal available on HUD homes.
How can we find a HUD foreclosure? There are some websites which maintains a database of government repossessed homes available across the US one of them is the website of Get Rent To Own. The database in that site over 1 million listings and it includes HUD homes inventory, real estate foreclosure auction, REO property and even preforeclosure. You are able to access that who knows that you can find HUD foreclosure rent to own.
