Buying HUD Homes

One common question I get as a broker is what is a HUD home? The department of Housing and Urban Development(HUD), a branch of the federal government, insures loans made by banks against default. When someone defaults on one of these loans HUD settles with the bank and takes the house back. HUD then resells the house. Thats it. All offers MUST be placed with a licenced HUD registered Real Estate broker. All houses are sold as is. So do your homework. They are first offered to owner occupant purchasers. If no owner occupant bids are received after 11 days it is offered to investors. Some of these homes need a lot of work. Some do not. You can find out more by visiting: http://www.hud.gov/homes/index.cfm

HUD homes are also posted on the MLS. Be the first to see HUD and other listings including bank owned, VA and foreclosed homes. Sign up for this free service here.  

This entry was posted on July 3, 2006 at 3:22 pm and is filed under HUD homes. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response or trackback from your own site.

| Print