 Department of Housing and Urban Development
Click here to view the HUD Homestore
HUD Homes - HUD Homes are real estate-owned (REO) properties throughout the nation that are acquired by HUD when a borrower defaults on an FHA loan. Because FHA loans are federally insured, HUD pays the lender what is owed, takes ownership of the home, and moves to sell the property at market value. HUD Homes are sold “as is,” with no repairs done to the property or structure. Adjustments in the selling price are made when the home is in need of rehabilitation, and buyers can often request a) an upgrade of the property,
b) HUD pay all or a portion of closing costs, or
c) HUD provide a moving expense allowance. HUD Homes are sold 'AS IS'. Buyer to verify ALL information, including property statistics, condition, reports, forms, disclosures & availability To purchase a HUD Home, buyers must go through a real estate broker certified by HUD to sell these properties. The broker places a bid on the property, and if the bid is accepted, the buyer has 30 to 60 days to finalize the purchase. HUD Homes can be purchased using most conventional methods, as well as FHA or other government financing programs. A benefit to buying a HUD Home is the real estate broker’s commission is paid by HUD, saving money for the buyer. The availability of HUD Homes changes weekly, and is contingent upon the volume of FHA-defaulted properties in that area; visit the Web site and click on “HUD Homes” to view the current listing. |