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MISSISSIPPI HUD HOMES FAQ
Mississippi HUD Homes FAQby Pam Simpson, Broker-Assoc.The Kudzu Vine
I advertise a lot of HUD homes in my area of Northwest Mississippi (Desoto County, Tate County, Panola County, Marshall County) and I maintain a HUD/VA/Bank Foreclosure list every week.  Here are some of the Frequently Asked Questions I receive from prospective buyers (and other real estate agents).
1.  What is a HUD home?
A HUD home is a residential property acquired by HUD (Dept. of Housing and Urban Development) due to a past foreclosure action when the home had an FHA mortgage. 
2.  How can I find HUD homes for sale in my area?
The easiest way is to contact any HUD approved real estate broker.  You can also visit the website of Hooks van Holm (the management company for Mississippi HUDs).  If you are looking for a HUD home in Northwest Mississippi, you can sign up to receive my HUD Home/Foreclosure List. 
3.  How does the 'bid' process work?
For the first 10 days that a HUD home is on the market, it is only open to owner-occupant bids.  All bids received during this period are considered to have come in at the same time.  Generally, HUD will accept the bid with the highest net to them.  Highest net is ... more

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