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How to Purchase a HUD Home

A HUD home is acquired by the US Department of Housing and Urban Development (HUD). If a foreclosed home was purchased with a loan insured by a Federal Housing Administration (FHA) the lender files a claim for the balance due on the mortgage. The FHA pays the claim, and then transfers ownership to HUD, which then sells the home.

 

Tips for purchasing a HUD Home

  • You must use a HUD registered Realtor®.
  • You must be pre-approved for a mortgage.
  • Owner-occupied bidders receive first priority.
  • HUD offers three types of properties: FHA insurable homes, FHA insurable homes with a repair escrow, and homes that are not insurable with an FHA Loan.
  • You do not have to finance a HUD home with an FHA Loan.
  • HUD homes are sold “As-Is”
  • Before making a bid, you must provide your HUD registered Realtor® with the appropriate earnest money in the form of a cashier’s check or money order.
  • Your earnest money check should be made payable to HUD.
  • After becoming a successful bidder, you must close on the property within 45 days.

We have successfully bid and closed on many HUD offered properties. Make sure you hire a Realtor® that has experience.

 

  

1-888-331-7583 ext. 7

Alice and Steven Pelikant

Pelikant Realty Group

Keller Williams Executives Realty LLC

200 W. Plaza Drive, Suite 200

Highlands Ranch, CO 80129