Short Sale and Foreclosure expert Joe Hafner, John Jones Real Estate's Managing Broker, explains H.U.D. homes and the details of how you can take advantage of HUD real estate opportunities.

What's a H.U.D. Home?
A HUD home is a property acquired by Housing and Urban Development as a result of a foreclosure on a FHA-insured mortgage. Housing and Urban Development becomes the property owner and sells the property to recover the loss incured on the foreclosure claim.

 

Who can buy H.U.D. Homes?
Anyone in the position to make a cash purchase or qualify for a loan that meets HUD restrictions can purchase a HUD property. People who are purchasing the property as their primary residence are given first priority to purchase HUD homes. Properties not sold in the Owner/Occupant priority period are then made availabel to all buyers.

How are H.U.D. Homes sold?
All properties available for purchase by the public are offered for sale on internet listing sites by HUD approved management companies.

Any real estate broker registered with HUD can submit a contract to purchase on your behalf. In most cases HUD pays the real estate broker's commission.

Properties in certain areas are offered at a reduced sales price to law enforcement officers, teachers, firefighters, emergency medical technicians, nonprofits and local governments. Contact John Jones Real Estate, the U.S. Department of Housing and Urban Development, or your local HUD expert to find out more about these programs.