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What is a HUD home? Do You Want One?

Ever wondered what a HUD home really is and if we have any in Bryan & College Station, Tx?

HUD defines a HUD home as "A HUD home is a 1-4 unit residential property acquired by HUD as a result of a foreclosure action on an FHA-insured mortgage." Since HUD is then the property owner, they offer it for sale and attempt to recover any loss on the foreclosure claim. HUD is not interested in owning properties.

A HUD home does NOT mean it is low priced, in a low income area or has government subsidized tenants. It simply means that the loan on the property was an FHA loan and the property was taken back through foreclosure. There are "HUD HOMES" in neighborhoods with $20,000 homes and $200,000 homes and higher!

If you are looking to purchase a HUD home you will need to work through a Realtor that is HUD approved. HUD does not sell directly to consumers. They always use a sales agent so call CENTURY 21 and let us get started hunting for the right home for you!

Susan Hilton - Realtor & Sales Trainer for Century 21 Beal

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What is a HUD home? Do You Want One? - Original Post

Posted by Susan Hilton College Station Bryan Real Estate on 07/24/2008 03:56 PM

Comments (5)

buying real estate

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5 Comments on What is a HUD home? Do You Want One?

I used to be a HUD approved reseller but never once won a bid for a buyer.

It is a tough business.

07/24/2008 03:58 PM

by Bill Austin (East Valley Living)

I used to be a HUD approver reseller but never once won a bid for a buyer.

It is a tough business.

07/24/2008 03:58 PM

by Bill Austin (East Valley Living)

I bought a boat load of HUD homes in 93, since then none of the paper was FHA until recently so the HUD home market dried up.

Take care!

RJH

07/24/2008 04:05 PM

by Empire Realty

Susan: We don't have a ton of the FHA foreclosures here but, they are tough to win--I've done a few and they are really buyer-focused and much easier than short sales or bank foreclosures!

Debe in Charlotte

07/24/2008 06:41 PM

by Debe Maxwell (Helen Adams Realty)

I have had one client buy a hud home this year so far. I would agree that they are MUCH easier than short sales. Here is a good tip: if you need to send them ANYTHING do it by FED EX...they are tight as can be on their deadlines and if you are even an hour late you are out! Don't send anything via regular mail or it will be missed and your client will have lost the property...even if they won the bid!

07/24/2008 10:56 PM

by Raylene Lewis (Century 21 Beal, Inc.)

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