HUD (Dept of Housing & Urban Development)... a government entity that purchases FHA loans in which the owner has defaulted. The homes are vacant and generally need some type of repair.. sometimes a lot and sometimes very, very little.  HUD homes are usually a great way to earn instant equity in a home.. especially if you are the do-it-yourselfer type.  Notice the difference in the HUD asking price and the valuation amount on each HUD property.

The homes are placed on the market each Thursday morning and available for public bid on a deadline basis to owner occupants... bid's being due the following Monday evening 10:59pm.   If the property doesn't sell when bids are opened Tuesday morning, the property is then available for daily bids to owner occupants.  If the property still has not sold during this second week, the home is then available for bids by either investors or owner occupants.

The HUD homes that have had failed sales are placed back on the market each Friday afternoon and start the process all over .. being available to owner occupants with a bid deadline of the following Tuesday 10:59pm.

To bid on a HUD home, you must be prequalified and you must have $1,000 certified funds.  The bid must be submitted by a Realtor who is registered with HUD.  If you are interested in a HUD home, please give our office a call.  Our in-house mortgage company can expedite the preapproval loan process for you and all of our agents are HUD registered agents and are available to show you HUD homes.