hud deals

HUD stand for Housing and Urban Development.

“The Federal Housing Administration (FHA) is a branch of the U.S. Department of Housing and Urban Development (HUD) which insures home loans at a low interest rate to working buyers, many of whom have less-than-desirable credit histories. When a mortgagor defaults on a loan insured by the FHA, HUD takes possession of the home through a foreclosure process.

Each property listing indicates an offer period specifying the final day and hour in which potential buyers may make offers for purchase. Unsold homes receive a one-day extension of time for sale. In situations where HUD receives offers from buyers with the intent to occupy the property and investors, HUD gives preference to owner-occupants. A HUD-approved real estate agent must submit a potential buyer’s offer for purchase. HUD recommends that buyers arrange a walk-through with a professional inspector prior to submitting an offer for purchase, as HUD makes no warranties with respect to a property’s condition. In most cases, HUD notifies the buyer’s agent within 48 hours of contract approval. Buyers can finance a HUD home purchase with cash or a loan. Many HUD home buyers obtain financing with an FHA loan. An FHA 203(k) loan can help finance rehabilitation costs for buyers who have interest in purchasing a fixer-upper home or making energy-efficient upgrades” (http://homeguides.sfgate.com/definition-hud-house-8154.html)

Below is a link to their website where you can locate and bid on HUD properties. http://www.hudhomestore.com/Home/Index.aspx

the http://www.hudhomestore.com
through a liscensed broker.