Buying HUD Homes: What is a HUD Home? How Do I Bid on a HUD Home?

WHAT IS A HUD HOME?

WHAT IS the HUD HOME STORE?

HUD (Housing & Urban Development) is a responsible administrative agency that oversees numerous federal housing agencies & programs like FHA (Federal Housing Administration) which insures home loans in specific qualifying areas from default. There is nothing extraordinary about these properties other than a mortgage used to purchase it was insured by the FHA. Property types don't matter. All that matters is that a price of a home fits guidelines to qualify in FHA insurance programs, & that lenders are approved to offer FHA insured loans. These properties are placed at HUD Home Store where licensed agents place your bids.

These properties were originally purchased using an FHA insured loan, & became what can be referred to as “HUD home” when a borrower defaults on a loan. FHA guaranteed this loan on behalf of our federal government, so once a foreclosure process is completed, FHA pays off lenders. Instead of a home going back to a lender as typical in foreclosure, it goes back to its' “owner” (in this case HUD): Responsible party in all FHA insured loans & placed on HUD Home Store. Part of this agency’s responsibilities lie in promoting affordable home ownership & equal opportunity for citizens to own a home. Properties on this Store offer great opportunity. What's at HUD Home Store for you?

HOW DO I SEARCH ON HUD HOME STORE?

Simply visit the HUD Home Store, search by city, county or zip code. Again, only licensed agents may place your bids. We are experts with property on the HUD Home Store. Not in Ohio? We can refer buyers to a HUD homes expert in your area.

Looking into buying a HUD Home? Shopping the HUD Home Store? Our agents are highly trained to bid on these properties,we place a bid on the store, facilitate transactions, & deal with each different store asset manager's protocols. We also protect your interests with an inspection addendum, allowing ten days to perform inspections. Though HUD are sold "As-is" this addendum does protect buyers rights to rescind an offer, & retain their earnest money should inspections be unsatisfactory. If bidding on HUD homes, or any property on HUD Home Store, make sure you're working with an expert; Us!

Our experts can help with any homes of interest on the store. Please note: If you contact a listing agent on HUD Home Store, that agent has a seller's interests in mind, not your's. We represent the buyer. Let us help with any properties of interest you find at the store.

Self Serve Pre-approval. No offer on a HUD Home Store can be submitted without a Pre-Approval letter from a lender. Do you know where you stand? To get started on this important first step, please allow 2-3 business days for a response. If you find your need an urgent pre-approval, please Contact Us.

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