Select A Department:

Courses in this Department

How Ready Are You to Buy a Home?

Determining Your Dream Home and Finding It!

Factory Built Homes Are Worth a Look

Purchase Manufactured Homes with FHA Loan

How to Buy a Foreclosed Home

Pros and Cons of Corner Lots

Know the Neighborhood Before You Buy

Tune in to an Open House on the Radio

Finding a Qualified Broker or Agent

Shopping for a Loan and Choosing a Lender

How to Improve Your Credit

How to Survive the Loan Application Process

Making an Offer and Signing Contracts

Cancel Your Contract in 3 Days

Understanding the Closing/Settlement Process

Choosing Home Inspection and Settlement Professionals

Double Check Your New Home - The Walkthrough

Know Your Consumer Rights

Seniors Have Many Housing Opportunities

Preparing for the Big Day -- Relocating Moving

Make Your Home Your Castle - Cost Effective Redecorating Ideas


HUD Sells Homes

Selling Homes... The HUD Way.

How It Works...
How HUD Sells Homes.

HUD is the federal housing agency that insures FHA loans. When someone with a HUD-insured mortgage can't meet the payments, the lender forecloses on the home and HUD takes ownership of it. HUD says that it tries to sell foreclosures at market value as quickly as possible. HUD homes vary in price and location but most are affordable for people with low to moderate incomes.

Start by talking to an experienced real estate agent. Your agent must submit your bid for you. Click here to find out how much house you can afford.

The Envelope, Please
Your Offer.

Normally, HUD homes are sold in an "Offer Period," at the end of which all offers are opened and, basically, the highest bid is accepted. HUD usually pays the selling agent's commissions, up to 6% maximum. Most HUD homes are initially offered on a priority basis to owner-occupant purchasers (people who are buying the home as their primary residence).

Does HUD Do Financing?

If you qualify for a FHA loan, you'll get good loan terms. You might also qualify for HUD to pay all or part of the financing fees and closing costs. That really sweetens the deal. In addition, HUD offers special buying incentives, such as allowances for upgrading the property, moving expenses, and bonuses for closing the sale early.

Is Your HUD Home...

Although these homes sometimes need repairs, HUD sells them "as-is," without warranty. Don't expect HUD to repair any problems as a condition of the sale, either. But that's not necessarily a bad thing. HUD's asking price will probably be adjusted to reflect the cost of necessary improvements or repairs.

Again, make sure you get a professional, independent home inspection prior to purchase!

That's the Lowdown on Low Prices from HUD

Let's veer off into VA homes...

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