Finding abandoned houses for free isn’t likely, but what if we told you that you could get thousands of dollars off the price of a home from the federal government? That’s right! THOUSANDS. The U.S. Department of Housing and Urban Development, or HUD, sells homes at reduced prices to speed up the buying process. It’s a win-win.
After a home winds up on an abandoned property list, HUD may overtake it if it was previously financed through the Federal Housing Administration (FHA). HUD doesn’t want to keep these homes for very long; it wants to make a quick sale. Learn how you can benefit from buying a foreclosed home.
Unclaimed land and property listed on government websites are offered well below market value to help speed up the purchasing process. Depending on where you live, you could find a home for as little as $10,000. Yes, you read that right – some listings even start the bidding at just $1!
If unclaimed real estate goes into foreclosure and the home was financed with an FHA loan, HUD reclaims it and places it up for auction.
You can search for available homes online through the HUD home portal. Filter results by city, state, lot size, number of bedrooms and more. Most listings contain photos of the property, though some may only show the exterior.
When you find an abandoned house you like, it’s time to bid on the property. Only HUD-approved brokers can place bids on these homes. The broker will work with you to make an offer and start the buying process.
You can also search for abandoned homes from other federal agencies on the HUD website. Other agencies include:
- The Department of Veterans Affairs (VA)
- The Department of Agriculture: Rural Development
- The Internal Revenue Service (IRS)
- The U.S. Marshals Service