What Does It Mean When It’s A HUD Owned Property?
Our Realtors can show you any HUD owned home currently on the market in Central Ohio. It’s a home that has been foreclosed on and the loan was guaranteed by the Department of Housing and Urban Development or HUD. That second note gets ripped up after three years,” said Kevin Kelly, a local listing broker for HUD homes in the Buffalo area. The great part about buying a HUD home as an owner occupant is that your competition for the property is only other owner occupants.
A HUD property is a residential property acquired by HUD as a result of a foreclosure action on an FHA-insured mortgage. And while many homes need extensive repairs others come to the market in very good shape. HUD’s mission is to create strong, sustainable, inclusive communities and quality affordable homes for all.
During the initial offering, HUD homes are available only to those who …