Government Agency Launches Video for Buyers of HUD Foreclosures

For those who plan on buying bank and HUD foreclosures or other types of residential properties, the series of videos released by the U.S. Department of Housing and Urban Development (HUD), in collaboration with the National Association of Realtors (NAR), might be of great help.

According to the government agency, home buying is a significant move and for people who have never done it before, the process might seem a bit daunting. The three videos released by HUD and NAR are meant to make the process of looking for a suitable home and acquiring a mortgage easier, particularly for first time home purchasers.

The consumer education films produced by HUD and NAR were introduced at the association’s convention held in New Orleans, Louisiana. They focused on the three important aspects of home buying – searching for a property, acquiring a mortgage loan and closing the transaction. Officials from HUD have asserted that the videos will provide buyers with answers to most of the basic questions commonly asked by inexperienced shoppers of residential properties, including those who are looking for foreclosed properties, such as HUD foreclosures and bank owned houses.

The main purpose of the videos, NAR officials have revealed, is to help buyers make an informed decision and educate them on sustainable property ownership that will allow them to avoid the common pitfalls of foreclosure. The videos can be accessed by homebuyers online at the Web sites of both the HUD and NAR.

In the educational videos, homebuyers are advised to look for properties that they will feel comfortable calling as their own home. They also provide instructions on how potential buyers can assess the affordability of a property and how they can work well with Real property agents. In terms of looking for a suitable loan, the films educate consumers about the use of the Good Faith Estimate or GFE, a form concerning loan terms.

The details of closing the deal will also be discussed in the videos. Buyers of bank and HUD foreclosures and other types of residences will be guided through the process of closing and will be given information on how to compare their GFE with the actual cost.