Question Details

Lisa Jordan, Home Buyer in U.K.

Could you please tell me what is meant by the term HUD home.?

Asked by Lisa Jordan, U.K. Sat Sep 27, 2008

Hello again, I'm just looking at U.S. real estate (again), and was wondering what this meant.

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Answers

4
What is a HUD Home?

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.

Who can buy a HUD Home?

Almost anyone! If you have the cash or can qualify for a loan (subject to certain restrictions) you may buy a HUD Home. HUD Homes are initially offered to owner-occupant purchasers (people who are buying the home as their primary residence). Following the priority period for owner occupants, unsold properties are available to all buyers, including investors.

I hope this helps. If you would like any other information please email me at debbiedunnick@michaelsaunders.com. All my best, -Debbie

Debbie Dunnick
Realtor
Michael Saunders & Co.
http://www.DebbieDunnick.com
http://www.MichaelSaunders.com
941-349-3444
1 vote Thank Flag Link Sun Sep 28, 2008
I have written a series of blog posts about HUD Homes as well as two books on the subject:

What Is A HUD Home?

http://www.trulia.com/blog/frances_flynn_thorsen_srs_e-proa/…


Who Can Buy A HUD Home?

http://www.trulia.com/blog/frances_flynn_thorsen_srs_e-proa/…


Who Sells HUD Homes? Tips To Select A Real Estate Agent

http://www.trulia.com/blog/frances_flynn_thorsen_srs_e-proa/…


Buying a HUD Home - Tips on Working With A Real Estate Agent

http://www.trulia.com/blog/frances_flynn_thorsen_srs_e-proa/…


Financing Foreclosures and HUD Homes

http://www.trulia.com/blog/frances_flynn_thorsen_srs_e-proa/…


Easy As 1 - 2 - 3 Rehab Financing

http://www.trulia.com/blog/frances_flynn_thorsen_srs_e-proa/…
Web Reference: http://hudhomesalebook.com
0 votes Thank Flag Link Fri Dec 19, 2008
I have found a very easy site to search for HUD homes. It has all the HUD homes in the nations and unlike some of the other HUD homes sites it has only the HUD homes that are available and open for bidding. The site has an advanced search feature that allows me to search the entire country for HUD home under $20,000 or any dollar amount for that matter. Currently there are 826 HUD homes that are $20,000 and under and some of them are very good homes. You can also look at the homes on a Google map search and read the property inspection report. I love this site http://www.gohud.com.
Web Reference: http://www.gohud.com
0 votes Thank Flag Link Sat Oct 11, 2008
Housing and Urban Development. I hope that answer your question.
0 votes Thank Flag Link Sat Sep 27, 2008
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