A HUD home is a one to four-unit residence acquired in a Federal Housing Administration (FHA) foreclosure. The US Department of Housing and Urban Development (HUD) reimburses the lender for its losses in foreclosure, takes the property and turns it over to a management company for sale. The management company secures the home against vandalism, has the property inspected and appraised, then puts it up for bidding.
HUD homes are sold "as-is" and no repairs are done before you close on your property. HUD's management company states that HUD does not guarantee the condition of any property, nor whether it meets local codes or zoning requirements. It is the responsibility of the purchaser to identify these violations. In other words, Buyer Beware.
A knowledgable real estate broker can help you to navigate this purchase process and coordinate the steps. Don't have one? Please visit us at www.premiermortgagepros.net and click on "contact us". We will be happy to assist you in your search.
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