HUD Homes in Wisconsin
If you are looking for HUD Homes in Milwaukee or Southeastern Wisconsin, myPro Realty is your HUD Homes Expert
At myPro Realty we specialize in the selling of all types of real estate, including HUD Owned Homes. Finding up-to-date information on HUD Homes in Wisconsin can be challenging. There are many websites out there that will offer you a “list” of HUD Homes and leave it at that. Chances are, these lists are out-of-date and unreliable. Contacting us directly is the best way to stay up to date with the most current real estate deals available, and to talk about whether checking out HUD Homes in Wisconsin is the right option for you!
What is a HUD Home?
A HUD home is a 1-to-4 unit residential property acquired by HUD as a result of a foreclosure action on an FHA-insured mortgage. HUD becomes the property owner and offers it for sale to recover the loss on the foreclosure claim.
Who Can Buy a HUD Home?
Almost anyone! If you have the cash or can qualify for a loan (subject to certain restrictions) you may buy a HUD Home. HUD Homes are initially offered to owner-occupant purchasers (people who are buying the home as their primary residence). Following the priority period for owner occupants, unsold properties are available to all buyers, including investors.
Should I Get a Home Inspection?
HUD does not warrant the condition of its properties and will not pay for the correction of defects or repairs. Since the new owner will be responsible for making needed repairs, HUD strongly urges every potential homebuyer to get a professional inspection prior to submitting an offer to purchase.
What About Financing?
HUD does not provide direct financing to buyers of HUD Homes. Buyers must obtain financing through either their own cash reserves or a mortgage lender. If you have the necessary available cash or can qualify for a loan (subject to certain restrictions) you may buy a HUD Home. While HUD does not provide direct financing for the purchase of a HUD Home, it may be possible for you to qualify for an FHA-insured mortgage to finance the purchase.