Foreclosures and HUD homes – Michigan real estate

Foreclosures and HUD homes – Michigan real estate

If you are looking to buy Michigan real estate you might want to know what is the difference between aforeclosure and a HUD home?  The major difference in a foreclosure and a HUD home is the difference of who owns it.  Banks and or Fannie Mae usually own “foreclosures“.  A HUD home that is for sale is aforeclosure too.  But it is owned by HUD.  There is no real difference.

Both HUD homes and foreclosure listings are a crap shoot on what they look like inside.  They could be nice or they could be a pit.  You never really know until you go inside.

Normally both HUD homes and foreclosure listings give owner occupant buyers first chance to purchase the house.  Both HUD homes and Michigan foreclosure listings take about the same amount of time to close.  Both Michigan foreclosures and HUD homes usually have you sign forms that relieves the sellers of all responsibility and does not allow you to sue them.

So the bottom line is that there is no real difference between a HUD foreclosure and a regular foreclosureother than who owns it.  If you are looking to buy a Michigan foreclosure give me a call and we will get you started.

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