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HUD Homes

Hud homes are available for sale in every state. Before making an offer to buy a hud home it is important that you understand how the process works. 

Below is some information on how to buy a HUD home.

What is a "HUD Home"?

When someone with a HUD insured mortgage can't meet the payments, the lender forecloses on the home; HUD pays the lender what is owed; and HUD takes ownership of the home. Then we sell it at market value as quickly as possible.

Who can buy a HUD home?

Anyone! If you have the cash or can qualify for a mortgage, you can buy a HUD home. 

If the HUD Home needs repairs, will HUD make them?

HUD Homes are sold "as-is," without warranty. That means that HUD will not pay to correct any problems. But even if a HUD Home needs fixing up - and not all of them do - it can be a real bargain! For example, HUD's asking price on the home will reflect the fact that the buyer will have to invest money to make improvements. HUD might offer special incentives such as an allowance to upgrade the property, a moving expense allowance, or a bonus for closing the sale early. And keep in mind that on most sales, the buyer can request HUD to pay all or a portion of the financing and closing costs. We encourage you to get the home professionally inspected before you make an offer so you will know what repairs you may have to make BEFORE you submit your bid.

How do I buy a HUD home?

Start by getting pre-approved for a FHA loan or other type of mortgage to determine how much of a home you can afford. Then the lender can help you find a participating real estate agent. Your real estate agent must submit your bid for you. Normally, HUD Homes are sold in an "Offer Period." At the end of the Offer Period, all offers are opened and, basically, the highest reasonable bid is accepted. If the home isn't sold in the initial Offer Period, you can submit a bid until the home is sold. Bids can be submitted any day of the week, including weekends and holidays. They will be opened the next business day. If your bid is acceptable to HUD, your real estate agent will be notified, usually within 48 hours.

If my bid is accepted, then what happens?

Your mortgage lender and real estate agent will help you through the paperwork process. You'll be given a settlement date, normally within 30-60 days, by which you need to arrange financing and close the sale, or forfeit your earnest money deposit, or pay for an extension of your sales contract. When you buy a HUD Home, the selling agent's commission will be paid by HUD but only if you make this a condition of your offer. The listing agent's commission is always paid by HUD. HUD will pay a total sales commission of up to 6%.

How can I find out what HUD Homes are for sale?

Right here! We update our lists of HUD Homes for sale every day. If you see one that interests you, get pre-approved for a FHA loan or other mortgage to make sure you qualify to buy the home, then the loan officer can refer you to a realtor.

How can I get a loan to buy a HUD Home?

Answer: HUD doesn't make loans directly. But we do have a number of mortgage insurance programs that could help you buy a home. You can read about the FHA loans or other types of mortgages

Start searching for HUD homes for sale in you area.

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