Buying a Foreclosed Home or HUD Home
What is a HUD home? A HUD home is acquired by the US Department of Housing and Urban Development as a result of a foreclosure action on the FHA-insured mortgage (or government insured loan). HUD becomes the property owner and offers it for sale to recover the loss on the foreclosure. Bank owned properties are similar except they are a foreclosure of a conventional loan (or bank insured loan).
If you can qualify for a loan or you can pay cash, you can buy a HUD home!
Make sure you chose an agent who is experienced in working with HUD homes and is a HUD registered agent. I am a HUD registered agent and have helped several buyers purchase foreclosed properties over the past several years.
New HUD listings are updated every Friday. The bid deadline dates are listed under each property. When HUD homes are first posted they are available to owner occupants, then bidding becomes open to investors if they do not sell during the initial owner occupant time frame.
Please keep in mind all HUD homes are sold AS-IS and without warranty. HUD will not make repairs or pay to correct any problems. Therefore, inspections are recommended.