Lynn Behnke, Home Buyer in Wichita, KS

What does it mean when it's a HUD owned property?

Asked by Lynn Behnke, Wichita, KS Sat Mar 19, 2011

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9
It's a residential property obtained by HUD (Dept of Housing and Urban Development) as a result of a foreclosure action on an FHA-insured mortgage. Home Loans For All explains in depth all about HUD Homes. Here's a link to their site.

https://www.homeloansforall.com/hud-homes/
37 votes Thank Flag Link Sun Dec 27, 2015
A HUD home is when a government-insured loan (FHA) gets foreclosed and the Federal Housing and Unban Development pays the defaulted loan off, and then puts the home on the market.
Many people are interested in buying HUD owned houses because of a possible low market value of the home. HUD does list the homes for a reasonable value, however, some great deals are available depending on the home and the price negotiated between the buyer and the listing HUD agency.
To purchase a HUD owned home you must work with a HUD registered real estate broker that can put in a bid on a home for you.
HUD owned homes are sold as is with no warranty of any type. It is your responsibility to get the home inspected in order to identify any potential or existing problems with the home.
HUD homes that are for sale can be a great way to purchase your own home or find opportunities for real estate investment properties.
5 votes Thank Flag Link Sun Mar 20, 2011
low market value is not happening. They are greedy!
Flag Thu May 22, 2014
A HUD home is a 1-to-4 unit residential property acquired by HUD as a result of a foreclosure action on an FHA-insured mortgage. HUD becomes the property owner and offers it for sale to recover the loss on the foreclosure claim - http://ForeclosureIQ.com
2 votes Thank Flag Link Fri Aug 21, 2015
There is a nationwide website that list all foreclosed homes for HUD, VA, RD, and USMS. If you would like to view all available in your area, you can access the site from my website. Simply click on the subject foreclosure link, select KS and location(s) of interest. Additionally, some detail about each HUD home and a codition report are typically included for each property as well as how to bid on these homes. Please let me know if I can be of any further assistance to you in this matter.
2 votes Thank Flag Link Sun Mar 20, 2011
Keep in mind that buying a HUD home can be risky. They now require a $1000 earnest money cashiers check (used to be $100 personal check). And if you bid on a home, and win the bid, you should be pretty sure you want to buy it, otherwise you'll lose your $1000 EM. In addition, HUD homes are pre-inspected and may require you to put a set amount of money in escrow to pay for repairs (i.e. new roof, pluming problems, etc.).
1 vote Thank Flag Link Sun Mar 20, 2011
oh ok the same as buying a raffle ticket for $1000 and hope you win the prize. Really! Who are these greedy banks and so called investors planning on marketing to with the Obama economics out of control. Not likely any new generation paying for college neck deep in dept and having to live in their parents basement because no jobs are available.
Flag Fri Jun 10, 2016
Is this extra expenses you mention part of the downpayment on the home? Or is it the downpayment, plus EM and the extra repair money?
Flag Sat Aug 25, 2012
I'm interested in purchasing a HUD owned property. The realtor seems very reluctant to even talk with me. However, she did say that in order for me to even bid on the property the bathroom needs to be repairs at a cost, she estimates of 10,000! I am not interested in replacing a bathroom for that amount of money! Also, she feels I should try to get a loan to do that repair and she just happens to know a few contractors who who plumbing, etc. Any comment on this matter from anyone?
0 votes Thank Flag Link Fri Oct 16, 2015
How do you get approved to buy a home on HUD?
0 votes Thank Flag Link Mon Jun 22, 2015
The owner has defaulted on their mortgage and it has been forclosed by the lender..with a HUD home it was a government funded loan. Dept.of Housing and Urban Development. I am a HUD certified agent.
Marie Gregormariegregor@hotmail.com

Let me know if this answers your question
0 votes Thank Flag Link Sat Mar 19, 2011
do HUD homes work with FHA loans?
Flag Wed Aug 6, 2014
It's a home that has been foreclosed on and the loan was guaranteed by the Department of Housing and Urban Development or HUD.

The advantage of buying a HUD home is there are various financing programs that are available to buyers of HUD homes. The disadvantage is not all agents have access to HUD homes as they use a keyed access system in which the broker has to have the 'HUD keys' to show the property.

Follow the link for a listing of HUD homes in Kansas
0 votes Thank Flag Link Sat Mar 19, 2011
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