The U.S. Department of Housing and Urban Development (HUD) was established in 1968. A. 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. For minor repairs, which are specified in the HUD listing’s Property Condition Summary (PCS) is Insured with Escrow. You should inspect a HUD foreclosure, for information purposes only, before making an offer.
Ask your agent to provide comparable sales for HUD homes because there is no guarantee you will get a break on the price. The data related to real estate for sale or rent on this website comes in part from the Broker Reciprocity program of the Greater Augusta Association of REALTORS®.
If you have the cash or can qualify for a loan (subject to certain restrictions) you may buy a HUD Home. This is not an easy question to answer, because HUD uses different formulas in different areas of the country. HUD homes may be eligible for repair loans built into the mortgage and buyers may qualify for 3 percent down payments.
HUD acquires residential properties in foreclosure and sells the homes at competitive prices—making the American Dream of homeownership possible to a wider range of income levels. The initial listing period, which is generally the first public listing for HUD homes, is 15 days.
Normally, local real estate brokers list lenders’ foreclosure homes and handle submission of purchase offers. You will receive a FREE, No Obligation email list of ALL the current HUD homes in your desired price range and location. If your offer is accepted the original contract and EMD must be sent to the HUD Asset Manager within 48 hours.