HUD Homes
Properties that have been foreclosed
on are
called REOs or "real estate owned" foreclosures, and they end up in all kinds of
places including HUD
(the Department of Housing and Urban Development), the Department of Veteran's Affairs,
credit unions and even banks.
HUD sells properties that you
might want to buy. Check out the listings of HUD homes in your area. If you
think you want to buy a HUD home, you need to contact a real estate sales professional
in your area who is authorized to sell foreclosed and HUD real estate.
Your sales professional
will submit a bid for you.
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.
How are HUD Homes sold?
All properties available for purchase by the public are offered for sale at Internet
Listing Sites. 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.
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.
Current Home Listings