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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. HUDHomes are initially offered to owner-occupant purchasers (people who are buying the home as their primary residence) for the first 10 days on market. Following the priority period for owner occupants, unsold properties are available to all buyers, including investors.
If you are an evacuee displaced by Hurricane Katrina, Rita or Wilma, HUD could sell a HUD home at a discount to you!
How are HUDHomes sold?
All properties available for purchase by the public are offered for sale at
Internet listing sites
maintained by management companies under contract to HUD. Any real estate broker registered with HUD may submit an offer and contract to purchase on your behalf. HUD pays the real estate broker's commission, if included in the contract.
Group 1 Real Estate
is a registered broker and can save you money when buying a HUD home. Just give us a call and we can tell you how. Chris or Berna Sloan 435-840-5029
Are there any special programs?
Properties in designated areas are available at a reduced sales price to law enforcement officers, teachers, firefighters, emergency medical technicians, nonprofits and local governments. Read more about these
Good Neighbor Initiatives
.
Should I get a home inspection?
We encourage you to get an inspection after your offer is accepted. All HUDHomes are sold AS-IS, without warranty. HUD will not make repairs nor pay to correct any problems.
What about financing?
Although HUD does not offer financing directly, some of our homes qualify for FHA-insured loans. Shop around for a lender to find the best loan terms.
Find out how an FHA loan can help you.
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