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A HUD home is a 1 to 4 unit residential property acquired by HUD as a result of a foreclosure action on an FHA-insured mortgage. HUD becomes the property owner and offers it for sale to recover the loss on the foreclosure claim.
HUD properties are much like any other foreclosure with the difference being the agnecy handling the disposition of the foreclosure.
Almost anyone! If you have the cash or can qualify for a loan (subject to certain restrictions) you may buy a HUD Home. HUD Homes are initially offered to owner-occupant purchasers (people who are buying the home as their primary residence). Following the priority period for owner occupants, unsold properties are available to all buyers, including investors.
When HUD first places a home up for sale there is a window ( days) where individuals looking for a home to purchase and live in can bid on the home. Just because you are the highest bidder on a property does not mean you automatically win the bid and get the home. If no bid is selected the bidding
How are HUD Homes sold? All properties available for purchase by the public are offered for sale at Various Listing Sites maintained by management companies under contract to HUD. Any real estate broker registered with HUD may submit an offer and contract to purchase on your behalf. HUD pays the real estate broker's commission, if included in the contract.
Are there any special programs? Properties in designated areas are available at a reduced sales price to law enforcement officers, teachers, firefighters, emergency medical technicians, nonprofits and local governments under the Good Neighbor Initiatives.
Should I get a home inspection? HUD encourages you to get an inspection after your offer is accepted. All HUD Homes are sold AS-IS, without warranty. HUD will not make repairs nor pay to correct any problems.
What about financing? Although HUD does not offer financing directly, many of these homes qualify for FHA-insured loans. Contact me for a list of lenders specializing in HUD Homes.
A benefit of buying a HUD Insured Home, those homes qualifying for FHA financing, is these homes have already been inspected and a list of possible repairs have already been estimated and disclosed to agents and prospective purchasers. There is no guessing on whether a home will pass FHA financing. These home are generally listed at below market price and in some cases they are in move in ready condition. Another major benefit of buying a HUD insured home is these comes can be purchased with as little as $100 down. Contact me if you are interested in buying a HUD home or if you have additional question.
