A little-known program sponsored by the Department of Housing and Urban Development allows police officers, teachers, firefighters and emergency medical technicians to buy certain homes for half price. Any individual regardless of race, color, sex, religion, national origin, handicap or familial status may purchase a HUD home. HUD will typically change the price on HUD homes every 35 to 50 days a home is actively on the market. Before you get excited about writing an offer on a HUD home, make sure your agent is authorized by the government to sell you the home.
Before FHA properties are publicly listed for sale, they are first evaluated to ascertain if they qualify for direct, exclusive sale to units of local government and FHA-approved nonprofit organizations. HUD usually accepts the highest bid, or the bid that brings them the highest net.
Any home buyer or investor with a social security number or EIN who can secure financing or pay cash can bid on HUD foreclosure homes. HUD foreclosures are sold via online closed bids and you need a licensed and HUD-registered broker to submit a bid. View all Denver HUD homes for sale, set up viewings, or just learn more about the market.
You should contact a local HUD approved Real Estate Broker to see if it is currently being offer in your state. HUD foreclosed homes can be any 1-4 unit residential property in the Boise area financed FHA up to a little over $300,000 including homes, homes with acreage, condos, townhouses and manufactured homes on land.
To learn more about HUD homes, the HUD website is a great source of information. Since the new owner will be responsible for making any needed repairs, HUD strongly urges every potential homebuyer to get a professional inspection. HUD Homes are initially offered to people who are buying the home as their primary residence.