HUD Homes Could be an Alternative In a Tight Seller's Market
By Tina Brickhouse, Tina Brickhouse
(Keller Williams The Woodlands)
HUD Homes Could be an Alternative In A Tight Seller’s Market With the current sellers’ market getting so tight one alternative to home buyers may be to purchase a HUD home. A HUD home is a foreclosed home purchased with a loan insured by the Federal Housing Administration (FHA). The lender can file a claim for the balance due from FHA and the property ownership is transferred to HUD or U.S. Department of Housing and Urban Development. Buying a HUD home is different from buying any other type of home. HUD properties are sold online in an auction process called the “offer period”. Homes are initially offered to owner-occupants or someone planning on using it as their primary residence. At the end of this offer period all bids are opened as if they were all received at the same time. Th...
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