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Basic Information About HUD Homes What is a HUD Home?
- Someone with a FHA mortgage cannot make their payments
- the lender forecloses on the home
- FHA/HUD pays the lender what is owed and takes ownership of the property
- HUD then sells the home as quickly as possible through the bid process
How are HUD homes sold?
- HUD homes are listed on the Realtor database
- Registered Real Estate agents may place bids on these properties on behalf of a Buyer
- The bid with the highest net to HUD wins the property
Who can buy a HUD home?
- Any person who qualifies for a mortgage or who can pay cash may purchase a home
- Purchasers must use a HUD registered real estate agent to place a bid on a property
Common Misconceptions
- Our services are FREE to buyers. There is absolutely no cost to you.
- HUD Homes are NOT distressed properties.
- You do NOT have to be an American citizen to buy a home.
- You CAN ask for the seller (HUD) to pay closing costs.
- HUD homes are sold "AS-IS". The Buyer must remedy any deficiencies with the property.
- HUD homes have clean title. There are no liens (tax or otherwise) on the property.
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