HUD Homes List
A U.S. Department of Housing and Urban Development (HUD) home is a 1-to-4 unit residential property acquired by HUD as a result of a foreclosure action on a Federal Housing Administration (FHA)-insured mortgage. The company is fully informed on the latest HUD news and resources, and highly qualified to assist buyers in determining their eligibility to purchase a HUD home. Because the mortgage was insured by the government, control of the property reverts back to HUD if an owner defaults on their loan.
HUD homes are also listed on local Multiple Listing Services and on the internet. It is not just HUD who is looking for investors breaking the rules, but many times investors are turned in by other investors who watch these properties. A HUD home is a property that had a HUD Insured loan and the previous owner was unable to make their payments.
Since the new owner will be responsible for making any needed repairs, HUD strongly urges every potential homebuyer to get a professional inspection. So, instead of the property going back to the lender as in a normal foreclosure situation, it goes back to its owner” (which in this case is HUD) as the responsible party for all FHA insured loans.
HUD opens bids on the next business day after the 5 day owner occupant bid period is over. When homeowners with FHA-insured mortgages are foreclosed, though, their homes end up in HUD’s property inventory for eventual resale. Your Horizon Realtor can assist you in your search for a HUD owned home and assist you in viewing the home and preparing your bid if you decide on a home.
The United States Department of Housing and Urban Development (HUD) oversees the Federal Housing Administration (FHA), which provides federal insurance on home mortgages. With the new addition of HUD listings, there is now no area of real estate off-limits to our residential buyers.