If a buyer has the cash or can qualify for a mortgage, the buyer can purchase a HUD home. A HUD home is a 1 to 4 unit residential property acquired by the US Housing and Urban Development (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.
HUD Homes are initially offered to owner-occupant purchasers. Following the priority period for owner occupants, unsold properties are available to all buyers, including investors. All properties, available for purchase by the public, are offered for sale at web sites maintained by management companies under contract to HUD. For the states of New York and New Jersey, the management company is National Home Management Solution, LLC (NHMS).
Any real estate broker registered with HUD may submit an offer and contract to purchase on the buyer's behalf. A HUD home can be a viable option for a buyer. Below is a link to the NHMS's New York Buyer's Corner and its New York Registered HUD Brokers search.
NHMS-New York's Buyer Corner: http://hud1.towerauction.net/NY.htm
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