What is a HUD Home?
A HUD home is a 1-to-4 unit residential property acquired by HUD, The Department of Housing and Urban Development, as a result of a foreclosure on an FHA-insured mortgage. HUD becomes the property owner and offers it for sale to recover the loss on the foreclosure claim. So in simple terms, the previous owner of the home had an FHA Mortgage, then defaulted. The lender foreclosed the home and then conveyed ownership to HUD since the loan was guaranteed by FHA.
Who Can Buy a HUD Home?
Pretty much anyone! If you have the cash at hand or if you qualify for a home loan, you may buy a HUD Home. HUD Homes are initially offered to owner-occupant purchasers, meaning people who are buying the home as their primary residence. This usually lasts for Five to Thirty days and unsold properties are then available to all buyers, including investors.
What are advantages of buying a HUD Home?
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Next day response to most of your offers
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$100 Down Payment FHA Financing available on most homes
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No appraisal fee on FHA Loans, if appraisal is not outdated
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HUD may pay up to 3% in purchase price towards buyers closing costs
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Many homes available below market value
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15 day inspection period for owner occupants obtaining financing
Above were just a few examples of the advantages of buying a HUD Home.
IXL Real Estate LLC, has helped a multitude of families and Investors alike purchase HUD Homes at really great bargains. Our over 80 year combined experience selling foreclosures gives you the upper hand at negotiating the best price possible.
In the foreclosure search box above you can pull up all HUD Homes and Foreclosures.
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