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Frequently asked questions about HUD Homes.
1. What is a HUD Home?
Answer: HUD is an abbreviation for the United States Department of Housing and Urban Development.Â A HUD home is a residential property that has been acquired by the government due to a foreclosure on an FHA insured mortgage.
2. How do I buy a HUD home?
Answer: You must work with a registered Real Estate Agent. We can help you. Your real estate agent must be registered with HUD and they can submit your bid for you. Normally, HUD Homes are sold in an offer period first to people that intend to live in the property (owner occupants). After that time it opens to investors. Property is sold to the highest bidder. Your agent will be notified within 48 hours.
3. If the HUD Home needs repairs, will HUD make them?
Answer: No, they are sold "as-is" and with no warranties. You are still encouraged to do a home inspection and can cancel if you find issues larger than anticipated. HUD might offer special incentives such as an allowance to upgrade the property, a moving expense allowance, or a bonus for closing the sale early. And keep in mind that on most sales, the buyer can request HUD to pay all or a portion of the financing and closing costs. Check with your real estate agent on the details. Homes are also priced taking the anticipated repairs in mind.
4. If my bid is accepted, then what happens?
Answer: Your Agent will help you through the paperwork and transaction. Usually takes about 30-45 days. HUD pays the agents commission.
5. How can I find out what HUD Homes are for sale?
Answer: Right here! Fill in the form below and every week we post new properties as they become available--you can download them from our website.
6. Can I buy a HUD Home as an investment?
Answer: Yes, after the initial offer period which is reserved on a priority basis to owner occupant purchasers (people who are buying the home as their primary residence). Following the priority period, unsold properties are then available to all buyers, including investors.
For a free list of HUD homes - fill in your information below. We update the lists every Tuesday.
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