Lee S. Glover, owner of Heritage Real Estate is a registered HUD Foreclosure Specialist.  This recognition makes it possible for him to market FHA foreclosures being offered to the public by the department of Housing and Urban Development.

Homes that have been foreclosed by HUD are marketed via the internet, but only registered HUD Foreclosure Agents can place bids on the behalf of buyers.  We can also make it possible for you to view any of the HUD foreclosures. 

Homes are offered for bidding in two ways -

Owner Occupant Bidding - only buyers that intent to occupy the property are allowed to bid.  All bids must be made by a deadline date.  HUD will consider all the bids and award it to the highest bidder the next business day after the deadline by 9:00 AM or place in back into the bidding process if none of the bids meet their requirements.  Owner Occupants agree to live in the property for at least a year.

All Bidders - Any buyer can bid on an All Bidders property.  The bidding is generally daily unless stated otherwise.  Each day's bids are considered by 9:00 am the following day.

When a bid is accepted, the agent has 48 hours to complete the paperwork and return it to the HUD office to secure the bid.

Bids on homes $50,000. or less require a $500.00 earnest deposit.  Homes over $50,000. require a $1,000.00 earnest deposit.  Deposit is required when bid is placed and is held until closing.  Earnest deposits are promptly returned if bids are not accepted.

Cash sales require proof of funds.  Homes being financed, require pre-qualification letter from a lender.

The value of the HUD foreclosure homes range from below $50,000. to over $200,000. and are sold AS IS.  Some homes will have escrowed funds for repairs, i.e. replace heating systems, repair roofs, etc.  HUD also allows for closing cost and covers the agent's commission fees for the buyer.

The condition of the properties and any needed repairs are available upon request. 

We will be happy to answer any questions you may have concerning buying a HUD foreclosure and welcome your inquiries.