HUD Homes
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. Perchasers must use a broker or agent who is registered with HUD to place a bid on a property. Purchasers must also have a pre-qualification letter from a lender or proof of cash funds on the amount of or greater than the property they are purchasing.
How are HUD Homes sold?
HUD homes are listed on the local Multiple Listing Service (MLS) and on the internet. Any registered real estate broker or agent may submit an offer and contract to purchase on your behalf. HUD pays the real estate broker's commission, if included in the contract.
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. Call us to find out more about these Initiatives.
IMPORTANT INFORMATION ABOUT HUD HOMES:
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.
What about financing?
FOR MORE INFORMATION ON HUD HOMES PLEASE CALL US TODAY AT 702-373-9229. OR FILL OUT THE INFO BELOW AND WE WILL HAVE SOMEONE CONTACT YOU.