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HUD Homes
Learn about HUD owned homes

HUD What is a HUD Home?
HUD is an acronym for Housing and Urban Development. When a home that is backed by an FHA insured loan ends in foreclosure, HUD acquires the property as the new owner.

HUD then places the home on the market in effort to recoup losses incurred via the foreclosure claim.

What is the difference between a HUD Home & Foreclosure?
The primary difference is ownership.  Since FHA has guaranteed the loan on behalf of the federal government on a property, FHA pays off the lender of record.  So, instead of the property going back to the lender as with a foreclosure, it goes back to its “owner”, which in this scenario is HUD.

Submitting an Offer
The offer process is different from the traditional purchase agreement.  A real estate agent registered with HUD, submits a bid on your behalf.

Response times can be in as little as 24 hours.   Since bids are sealed, you could be bidding against other buyers. 

HUD Homes

Newly listed HUD Homes have a bid deadline.  If your bid is not received prior to the deadline, your bid won't be accepted.  Properties that are still on the market after the bid deadline, are on a day-to-day basis.

HUD Homes can have some appealing incentives.  Home buyers can request up to 3% towards their closing costs.  The homes have a PCR (Property Condition Report) that can give you an idea of the condition.  Now, the PCR should never replace a full home inspection, but it can inform you of there are any initial required repairs.  It is recommended that you obtain the applicable inspections that apply to the property you plan to purchase.

Closing Closing
There is a misconception that HUD Homes can take several months to close.  Generally, a HUD Home can close in 30 to 45 days from Seller acceptance.

More Information
For more information or to receive HUD home listings, e-mail us or call (505) 730-8181.

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