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About HUD Properties

What is a HUD property?

HUD stands for Department of Housing and Urban Development (US government). A HUD property 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. FHA pays the lender's claim and transfers ownership of the property to HUD, then HUD sells the home.

How to purchase a HUD

You can finance the HUD property or pay with cash. HUD does not finance homes. If financing the property, you will need to arrange for conventional or other financing. Any real estate broker registered with HUD may submit an offer and contract to purchase on your behalf. HUD will pay the real estate broker's commission, if included in the contract.

HUD benefits

HUD homes are often sold at a discount. Unlike with auction properties, HUD buyers are not required to pay with cash, financing is available for HUD purchases.

Special Programs

HUD properties in certain areas are available at a reduced sales price to firefighters, law enforcement officers, emergency medical technicians, teachers, nonprofit organizations, and local governments.

 

About HUDSeeker.com: HUDSeeker.com is your source for Government foreclosures. The database of liquidation properties, real estate listings, and homes for sale offered by HUDSeeker.com consists of Government foreclosures for sale, known as HUD properties. HUDSeeker.com is in no way associated with the US Department of Housing and Urban Development. HUDSeeker.com is a private company.
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