What is a HUD Home?
When a homeowner with a Federal Housing Administration (FHA) insured mortgage can’t meet the payments, the lender forecloses on the home; FHA (insurance) pays the lender what is owed; and then the United States Department of Housing and Urban Development (HUD) takes ownership of the home. HUD then sells it at market value as quickly as possible.
How are HUD Homes Sold
HUD homes are listed on the local Multiple Listing Service (MLS) and or on the internet. Registered brokers and agents may place bids electronically on these properties on behalf of a purchaser. The bid with the highest acceptable net to HUD is selected as the provisional winner subject to timely receipt of all required documents.
Only HUD registered Brokers can show or place offers on HUD properties with the exception of some special programs. We are a registered HUD Broker and can help you find and purchase a HUD home that meets your needs. Purchasers must also have a pre-qualification letter from a lender or proof of cash funds in the amount of or greater than the property they are purchasing.
Important: HUD homes come on and go off the market very quickly. If you are considering purchasing a HUD home, contact us immediately so we can keep you constantly updated.
Here are some benefits we can offer you:
- Monitor the market daily, so you don’t miss that perfect home.
- Provide area sold comparable homes, so you don’t pay too much.
Click here to search for HUD homes. When you want to see a HUD Home we can provide access for you or if you just have a question please call
Joanna Sobczak (720)404-0272.