Real Estate Foreclosures Hit Record Highs . . . My name is Robb Spearman and I am a licensed real estate broker in the State of Iowa. Over the last 4 years I have been the Broad Listing Broker for HUD (The United States Department of Housing and Urban Development).
What does that mean? I have been in charge of marketing these homes in the State of Iowa. My job description is to be the resource for the Realtor and Buyer. If they have a question or a problem... they call my office.
Over the last several months we have been overwhelmed with telephone calls. That is the reason we built a website. We thought this would be a good resource to answer those questions.
What is a HUD Home? A HUD Home is a bank foreclosure that was financed with a FHA mortgage. A Mortgage loan insured by the federal government (HUD). HUD pays the bank after the home is foreclosed upon. The bank got there money. HUD got the home. Now HUD needs to sell the home
Almost any person can purchase a HUD home. If you have the cash, you’re a sure bet to buy a HUD home. If you can qualify for a loan, there are a few restrictions, but it’s quite likely that you too can buy a HUD home.
HUD prefers the homes be bought as owner-occupied. They want you to buy the home and live in it. So they give initial preference for those who will be buying it as a primary dwelling. If the property sits on the market, however, HUD will eventually offer the home for sale to those buying as investors.
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