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HUD stands for U. S. Department of
Housing and Urban
Development
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.
How are HUD Homes 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.
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