PLEASE NOTE: This site
is NOT afilliated with the government agency HUD. This is an
Information Site for you to do some research and obtain information
on a variety of Subjects. Please consut your local Real Estate
Professional or Lawyer in your town.
What is a HUD Home?
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.
Who can buy a HUD Home?
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.
If you are an
evacuee displaced by Hurricane Katrina, Rita or
Wilma, HUD could sell a HUD home at a discount
to you!
How are HUD Homes sold?
All properties available for purchase by the public are offered for
sale at Internet 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.
Read more about these
Good Neighbor Initiatives.
Should I get a home inspection?
We encourage 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, some of our homes
qualify for FHA-insured loans. Shop around for a lender to find the
best loan terms. Find out how an FHA loan can help
you.
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updated February 15,
2007 | |
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