You may be able to buy a HUD foreclosure for 50% of the market value , and for as little as $100 out of pocket, when you buy as a First Time Home buyer using a FHA loan.  HUD will also allow up to 3% for the buyer’s closing costs and pre-paid items. Homes are usually placed on the market on Fridays, and the final bids are due by midnight the following Sunday, which is about 10 days later.  Results are released on Monday by 12 noon, and the highest net offer will be awarded the contract with HUD.  The broker/agent who is contacted by HUD will have up to 48 hours to submit the Purchase Contract Agreement with all the other supporting documents to HUD.  Once HUD has signed off on the Purchase Contract Agreement, the broker/agent is instructed to deliver all the paperwork to the title company designated by HUD as the escrow agent.  Normal closing usually takes about 45 days, but extensions maybe granted when needed to complete the financing process.  Since we are still in a buyer’s market, there are a large number of foreclosed homes on the market.  Many of these homes only require new flooring,paint, and a little TLC.  Ask me for more information if you are considering buying a foreclosed property.