http://www.trulia.com/voices/Home_Buying/when_does_HUD_takes_over_ownership_of_the_property-140490en-ushttp://www.trulia.com/voices/profile/Real_Estate_Pro-33411-488222/http://www.trulia.com/voices/profile/Real_Estate_Pro-33411-488222/Hud takes ownership basically after the bank forecloses and claims the loss, title is then transferred. An agent is assigned to have the property inspected, monitored and maintained. I personally dont believe there to be any more or less risk than in purchasing a bank owned property. If you are interested, go to their website HUD.gov and you can search for properties on-line. There is even an inspection report attached to the listings. We are a hud-approved office, so let me know if we can be of any assistance. Dawn Smith Chanel Realty 561-962-2746Fri, 26 Jun 2009 06:59:54 -0700http://www.trulia.com/voices/profile/Real_Estate_Pro-Ohio-686479/http://www.trulia.com/voices/profile/Real_Estate_Pro-Ohio-686479/Hi Barry, Make sure you get a home inspection and remember when financing a home owned by HUD the minimum required down payment is $100! Good Luck, LindseyFri, 26 Jun 2009 06:46:36 -0700http://www.trulia.com/voices/profile/Real_Estate_Pro-Boca_Raton_FL-777051/http://www.trulia.com/voices/profile/Real_Estate_Pro-Boca_Raton_FL-777051/HI Barry, There are no more or less risk from buying a HUD owned property then buying a bank owned. You will have to make sure there is clear title etc. As far as the price it will again go back to how much was owed on the property. Happy Searching Melissa Antenucci 561-417-9221 Ameritrust Mortgage AssociatesFri, 26 Jun 2009 04:58:14 -0700