Recently a client asked me a question, "Mike, why don't you do HUD Foreclosure Sales?" There is a very simple answer to that.  I do, I am in real estate, and I do ALL residential sales.   To sell a HUD home a Realtor just has to register on the HUD site.  The truth is, in most MLS areas, these are listed  right along with all the other listings.  Some of these can be great buys and for first time home buyers and the process can be even easier than what most call "normal home sales".  

First it is important to know how a HUD home differs from another foreclosure.  A HUD home is a 1 to 4 unit residential property acquired by HUD as a result of a foreclosure action on an FHA-insured mortgage.  HUD then becomes the owner and offers the foreclosed property for sale.

HUD homes like other foreclosed properties can be great buys, but you and your agent still need to do due diligence and check it against the neighborhood comps.

The process is easy.  HUD lists the house for a period during which only those  intending to buy and live in the house are eligible to bid (on-line).  On midnight of the final day day the bids are revealed and if HUD finds one acceptable, the contract is awarded.  Paperwork is submitted and you progress toward your closing.  

If HUD does not receive a bid they feel is acceptable during the initial offering it continues to accept on-line bids on a day by day basis.  During this part of the process bidding is open to investors as well as owner occupants.  Preference is still given to a bidder that wishes to live on the property.

It is important to get the same inspections for HUD sales as any other sales and HUD encourages you to do this.

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