San Jose Short Sales

HUD also offers special programs for teachers, officers, firefighters and other government employees where they can literally purchase a house for half its value.

Homes that qualify for these program are rare in California, and bids are selected by a random lottery. These programs still require HUD Auctions through electronic bids, and are also found on the Pemco Site. These HUD auctions become available every Friday. You must have the assistance of a licensed real estate agent to bid at a HUD auction.

One of the most common phrases associated with foreclosure, is HUD Homes. HUD Homes are foreclosure homes that were secured by Government back loans. New HUD homes become available every Friday in California. HUD homes can usually be purchased below market value, but they can usually only be purchased by people intendinding to use the property as their personal residence. If a HUD home is on the market for several weeks, the bidding is then opened up to Investors. Once its open to real estate investors, its usually not the greatest deal. HUD homes are specifically designed for buyers intending to use the property as their primary residence.

HUD Homes can be found in two places, the website of Pemco (they handle all California H.U.D. properties) and on the MLS. All HUD homes are listed by the select broker in that individual city. More information and a home inspection report is given on the Pemco website.
HUD homes in California must be purchased using a cooperating real estate agent.  HUD Homes require a special key that can open any HUD homes in California. Bids for HUD listings are made on-line. The listing price of California HUD homes is usually low, but multiple bids are usually made.

I am a certified HUD broker for the San Jose Homes.  Contact me at alan@i2realty.com for more information