I have been with BP for a few weeks and have learned an incredible amount. As discussed earlier, if real estate agents can bid on and buy HUD homes at an unfair advantage to the home buyer and investor, then it stands to reason that many of the nicer properties are bought by these agents. HUD Homes are offered to the public on websites that are maintained by HUD approved companies.
To learn more about HUD homes, the HUD website is a great source of information. Be sure to have us help you know which homes you will need to buy with cash or which homes will qualify for you to buy with a loan. HUD will award the winning bid to the purchaser with the highest acceptable net to HUD.
Buyers are very strongly encouraged to have homes inspected by a qualified home inspection company to satisfy themselves as to the condition of the property at the time of sale. Once a HUD home becomes aged in my market, HUD may take 80 percent of list price.
Am finding HUD is intentionally NOT disclosing important issues that affect the home’s condition. When homeowners with HUD-insured mortgages default on their home loans, HUD forecloses the properties and sells them to the general public at public auctions. If a HUD home is on the market for an extended period, they may take even less.
Purchasers must use a broker or agent who is registered with HUD to place a bid on a property. If foreclosures are not sold within six months, HUD may sell them for $1 each to approved nonprofit organizations and government agencies. If you think you’ve been discriminated against for these reasons, file a complaint as described above, or email HUD at LGBTFairhousing@ with general questions about LGBT housing issues.