What is a HUD Home?
A HUD home is a one to four unit residence that is acquired as a result of a forclosure of an Federal Housing Administration (FHA) insured mortgage. FHA is a part of the Department of Housing and Urban Development (HUD). FHA provides federal mortgage insurance which guarantees the mortgage lenders will be reimbursed should a homeowner default on their mortgage.
When a HUD is sold it is listed on a website, for example in Colorado, that website is www.mcbreo.com. Homeowners and/or investors who would like to purchase a HUD home must use a real estate broker who is registered with HUD.
HUD homes are typically placed available for bid by people who are going to use the home as their primary residence. The bid period for primary residents usually lasts one to two weeks. Should HUD not receive an acceptable bid, the property then rolls off to the "All Bidders" category which includes investors.
Please don't hesitate to email me with any questions on this topic. My business partner and I are very well versed with HUD transactions.
matt@investincorealestate.com
When a HUD is sold it is listed on a website, for example in Colorado, that website is www.mcbreo.com. Homeowners and/or investors who would like to purchase a HUD home must use a real estate broker who is registered with HUD.
HUD homes are typically placed available for bid by people who are going to use the home as their primary residence. The bid period for primary residents usually lasts one to two weeks. Should HUD not receive an acceptable bid, the property then rolls off to the "All Bidders" category which includes investors.
Please don't hesitate to email me with any questions on this topic. My business partner and I are very well versed with HUD transactions.
matt@investincorealestate.com
posted by Denver Real Estate at 6:50 AM
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