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What Makes a HUD House?

A HUD home is one that has been turned over to the Department of Housing and Urban Development (HUD) for sale after foreclosure on an Federal Housing Administration (FHA)-insured loan. HUD becomes the owner and is responsible for resale of the property.

  1. About HUD Homes

    • HUD is the agency responsible for liquidating the FHA foreclosures. As such, they are not interested in retaining the property any longer than necessary, often selling the homes at significantly reduced prices.

    How HUD Homes Are Sold

    • HUD homes are listed on the Internet, and are also available through real estate agents approved by HUD. The agent's fee will be paid by HUD if stated in the contract.

    Who Can Buy A HUD Home

    • If you have the cash or can qualify for a loan, you can buy a HUD home. Homes are offered first to owner occupants. Any left over may be offered to investors.

    Advantages Of Buying A HUD Home

    • With HUD, you have a motivated seller. Therefore, homes are often sold for far less than market price.

    Disadvantage Of Buying A HUD Home

    • HUD homes are sold as-is. You should do some research on repairs needed and their cost before buying. It is a good idea to have the home inspected before purchasing it.

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