What is HUD?
What is HUD?
HUD is the U.S. Department of Housing and Urban Development. Their mission is to make housing available to everyone and to improve communities and enforcing fair housing laws. Their job is to boost the economy, while protecting consumers and creating affordable rental properties for people.
HUD owned properties are usually 1-4 unit homes that have been foreclosed on. They pay the defaulted loan off and put the house on the market. HUD homes are typically homes that need a little bit of work to turn it into a house of your own.
HUD properties are popular purchases for real estate investors as they are a great source of income, but luckily for the average consumer, HUD properties can’t be bid on by investors in the first 30 days on the market. The platform HUD utilizes to post properties is hudhomestore.com.
Who’s eligible to buy a HUD property? Just about anyone. As long as you have cash or can qualify for a loan or a mortgage. The properties are offered to owner-occupant purchasers first and if left unsold, then it opens to all buyers.
HUD does not provide warranty on the properties so they urge buyers to get an inspection done on the home by a licensed professional home inspector. They also do not provide financing or lending to buyers. You’ll need to get pre-approval of your loan prior to making an offer.
Call Us: 1(844)-HUD-7243