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.
All Nashville and Middle Tennessee Listings just a click away:
Click the city to Map Your House Search for:
The opinions expressed by The Activerain Network and it's members and those providing comments are theirs alone, and do not reflect the opinions of Mike Nastri Keller Williams Realty - Franklin, TN neither Mike Nastri or the Keller Williams Realty Franklin office, which is independently owned and operated are responsible for the accuracy or content provided by The Community.
Contact Mike for the most recent listings and market information.