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Buying a Foreclosed Home

For many homebuyers, foreclosed or (real-estate-owned homes can offer an excellent opportunity to make homeownership a dream come true. Many federal, local and private sector programs are available to help prospective buyers navigate the path to their new home.

Buying process

Buying a foreclosed property can be a complicated, but ultimately rewarding process in terms of getting more home for your purchasing power, stabilizing neighborhoods, and revitalizing communities. Learn the ins and outs of being an informed buyer as well as protecting your rights before you buy.

After you have found a property you are interested in, there are many other things to check up on:

To promote neighborhood stabilization through higher owner occupancy rates, Fannie Mae created First Look. This program encourages the purchase of foreclosed homes by owner occupants, rather than investors, by allowing owner occupants (or any organization using public funds) to submit an offer on a Fannie Mae property without competition from investors for the first 15 days.

Many of these homes offer flexible HomePath financing, which is available only on Fannie Mae homes. You can search thousands of move-in ready foreclosed properties.

Homeownership Programs

Neighborhood Stabilization Program
Homeownership assistance is available for the purchase of County-owned Neighborhood Stabilization Program (NSP) homes. If you are eligible to purchase a foreclosed home, the County may have the assistance you need. Purchases must be made in any of the priority areas throughout the County.

Homeownership Assistance
The Miami-Dade Economic Advocacy Trust Homeownership Assistance Program is designed to address the need of low/moderate income families in Miami-Dade County by providing down payment and closing costs assistance to purchase their first home.

U.S. Housing and Urban Development (HUD) - homes for sale
HUD sells both single family homes and multifamily properties. Check them out - one might be just what you're looking for!

Foreclosure Data

Back to Top Page Last Edited: Wed Apr 9, 2014 4:59:35 PM
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