Updated 5/19/17 Today, we have ZERO HUD Houses for sale in Ada/Canyon counties, including Boise, Meridian, Eagle, Kuna, Star, Nampa, Caldwell, Middleton. The homes are owned by HUD and first offered only to full-time educators and emergency responders who serve these areas. Homes are first offered to approved non-profit organizations, mostly in inner-city neighborhoods, at a 50 percent discount to their appraised values.
HUD has very strict owner occupancy restrictions that I explain in detail here On FHA insured HUD homes only owner occupants, non profits and government agencies can bid on HUD Homes. Finance: Check your Credit Report and find a lender willing to arm you with the up-front buying power to bid on HUD homes (hint: can help you find a good lender.
Only licensed brokers/agents that are registered with HUD and have an active NAID (Name and Address Identifier) may submit these bids. But there is one great option still available in some parts of the country and that is buying HUD homes for sale by using the HUD $100 Down Payment Program.
While foreclosure has gained an especially negative connotation since millions of Americans lost their homes during the recession ‘s subprime mortgage debacle, buying a HUD home can be a positive experience as well as a great deal. The buyer is also encouraged to have a professional home inspection performed with the utilities activated, AFTER the contract has been accepted and signed by HUD.
When a HUD homes goes under contract, HUD stops the daily count for a home being on the market. The disadvantage is not all agents have access to HUD homes as they use a keyed access system in which the broker has to have the ‘HUD keys’ to show the property.