Many savvy home buyers are exploring the option of purchasing a foreclosed property from the U.S Housing and Urban Development (HUD) department. You can search for homes available through HUD Store. Below is important information about bidding for and purchasing a HUD owned home.
Submitting a Bid
You will need to partner with an HUD authorized broker, broker associate, or buyer’s agent in order to submit a bid.
HUD Listing Codes
Properties listed in this category appear to meet FHA 203(b) financing requirements. No obvious repairs are necessary for HUD to insure an FHA loan to a qualified Purchaser.
Insurable with Repair Escrow (IE)
Properties listed in this category are eligible for a 203(b) FHA loan…