What is a HUD Home?
When someone with an FHA-insured mortgage can't make the payments, the lender forecloses on the home and HUD takes ownership. It is then offered for sale at market value, based on a recent AS-IS appraisal, meaning, the market value in its current condition.
How are HUD Homes sold?
HUD homes are listed for sale by management companies under contract to HUD. They are sold through a sealed bid auction, and any real estate broker registered with HUD may submit an offer and contract to purchase on your behalf.
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.
What is the process of buying a HUD home?
That is exactly what we are here to assist you with. There are a set of defined steps in locating and purchasing a HUD home, and you can read more about it on this page - What we do!
Are there any special programs?
Properties in designated areas are available at a reduced sales price to police officers, teachers, firefighters, emergency medical technicians, nonprofits and local governments. Your agent will be able to provide you with specifics.
Should I get a home inspection?
We encourage you to get an inspection after your offer is accepted. All HUD Homes are sold AS-IS, without warranty. HUD will not make repairs nor pay to correct any problems. The inspection will assist you in knowing exactly what you will need to repair to have your home in its best working order, and will assist you in making your final decision regarding your purchase.
What about financing?
Although HUD does not offer financing directly, some of our homes qualify for FHA-insured loans. Some loans can be structured to include money for the home's repairs. Shop around for a lender, or allow us to assist you in finding the best loan terms!Why HUD Homes?
HUD homes are homes that had FHA mortgages and were acquired by foreclosure by the U.S. Department of Housing and Urban Development or HUD. HUD then offers the home for sale by auction. They price the home at auction with the aim of selling it off quickly and recovering the money. HUD will accept the highest bid on a home, even if it's significantly below the quick sale value placed on the home. HUD homes have 50% off grant programs for qualifying buyers.
Why Us?
GoHUD.com is an authority on acquiring HUD homes. We assist, buyers and our HUD home certified realtors, to team-up to make the dream of affordable home ownership a reality. Our mission is to provide the very best information and training to you and our approved agents to provide you an advantage over other bidders.
We have created this site to assist home buyer with locating the HUD homes and other preferred service providers in your area. We're committed to your home ownership dream!
What we do for you?
We have assembled a professional team to assist you in buying your home. Whether you're a first time home buyer or a seasoned investor, our real estate professionals will assist you by listening to your goals and providing the most expert knowledge of the home buying process.