Discover the street smart way to find government property such as homes, cars, property and much, much more. Another nice buyer bonus is that HUD will also give you a $1,000 buyer bonus at the closing table if you are going to be an owner occupant and if this it the first time the home has been listed by HUD and if your bid is won within the first 30days of the listing.
So one thing that is unique about a HUD property versus other REO properties is that HUD does not foreclose on borrowers, so this is why they are not referred to as HUD Repo or HUD Foreclosed … but HUD acquires property through this process which explains why they are referred to as HUD Owned, HUD Acquired, or HUD Homes.
In my experience, bidders who bid way over asking price on a HUD house, will often times drop out, (buyers remorse) because they realized they paid too much, however if the buyers use a non-FHA loan, they are not restricted by the FHA apprasial of the orginal purchae price and may bid higher.
Nonprofit organizations that want to obtain HUD approval to participate as a FHA mortgagor, purchase HUD homes at a discount, or administer a Secondary Financing/ Down payment Assistance Program must submit an email directly to their local Homeownership Center (HOC), Program Support Division, indicating that your organization would like to apply for approval to participate in FHA Nonprofit activities.
As you all know the economy is starting to pick up at least in some parts of the country, but despite this HUD (U.S. Department of Housing and Urban Development) still has thousands of homes that have been abandoned or reclaimed through foreclosure.