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. A very important point investors must remember with HUD is HUD does not give back earnest money to investors, if they cancel their contract. HUD does not guarantee the condition of any property, FHA-insurable or not, nor whether it meets local codes or zoning requirements.
We are a Listing Broker for HUD owned properties in Ventura County, San Luis Obispo, Tulare, Kern, and Northern Santa Barbara County, CA. We are HUD home specialist as well as a direct pay vendor for Freddie Mac. The exact amount is specified in the HUD listing and disclosed in a document called Property Condition Summary.
If the home you’d like to see is in your area, you can also contact your preferred local real estate broker and ask if the office is approved to show HUD homes. Together we must analyze each home individually to determine the homes market value and if it is a good deal for your situation.
If the owner is unable to make payments they are foreclosed on. However, the HUD insures the bank against loss and takes the responsibility for the home. There are many investors waiting for HUD homes to make it to the investor bid period, and most good deals will get bid on the first day an investor can bid.
We are a HUD approved broker, and can show and help you purchase any HUD home for sale in Greenville, Simpsonville, Greer, Taylors, Mauldin, Fountain Inn, Easley, Travelers Rest, Piedmont or any other surrounding Upstate area. 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.