Tuesday, January 19, 2010
HUD HOMES - What is a HUD property?
I’m sure you’ve heard the term HUD Home, HUD Foreclosure or government foreclosed property. Did you ever wonder exactly what those terms mean? Well, hopefully we will be able to shed some light on this and maybe inspire you to consider a HUD home.
So, just what is HUD? The term refers to the Department of Housing and Urban Development , a branch of the federal government. 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 becomes the property owner and offers it for sale to recover the loss on the foreclosure claim. HUD does not like to call them HUD Foreclosures, they prefer the call them HUD Homes. Not only are HUD Homes single family residences, they can also be a duplex, triplex or a quadraplex. Multiple family units are great deals – you can live in part and rent out the rest to help pay your mortgage.
Almost anyone can purchase a HUD home if you have the cash or can qualify for a loan, of course subject to certain restrictions. First priority is given to buyers that will actually live in the home (Owner Occupants). If a HUD Home does not sell to an Owner Occupant after 30 days it will then be offered for sale to all buyers INCLUDING INVESTORS.
There are currently amazing bargains available through HUD and they sell quickly. If you would like to receive a daily list of HUD properties as they come on the market please contact Kiefer Realty at: KieferRealty@KieferRealtyPA.com or call 352-861-6000.
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