MEETING YOUR REAL ESTATE NEEDS
Buying 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. Almost anyone can buy a HUD home if you have the cash or can qualify for a loan (subject to certain restrictions). HUD homes are initially offered to owner-occupied purchasers. In other words, the purchaser will be using the home as their primary residence. These purchasers are given priority over all others for a designated period. Following the priority period for owner occupants, unsold properties are available to all buyers, including investors.
HUD does not provide direct financing to buyers of HUD homes. Buyers must obtain financing through either their own cash reserves or a mortgage lender.
Only registered real estate brokers can place bids on behalf of their clients to purchase a HUD property. Woodburn Realtors is registered through HUD Homestore and can help you through the sometimes confusing maze of purchasing a HUD home. We are happy to help! We can locate available HUD properties, provide a list of home inspectors, mortgage lenders and additional information as required. E-mail us: dickbarb@wbcable.net
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