Government foreclosures are properties that have been taken by the government because the purchaser was not able to keep payments up to date on a government mortgage loan, or failed to pay property taxes in a timely manner. Most HUD homes were abandoned by their previous owners who got mad at the world when they lost their jobs or medical reasons or whatever. The websites of Fannie Mae and Freddie Mac also offer information on HUD foreclosure listings to people. Besides the fact that any potential buyer of a HUD home is required by HUD to use a real estate agent, it is a good idea anyway.

Non-profits must be approved to purchase HUD homes at a discount under several HUD discount programs. An owner occupant purchaser is a person who plans to live in the property as their primary residence for at least 1 year, and has not purchased another HUD Home as an owner occupant within the past 2 years.

At the beginning of the 6th day, an uninsured HUD home will be available for investors to bid on, even though HUD may be accepting an owner occupant bid later in the day. A REO asset management company will get in touch with your mortgage lender and negotiate with them about having a short sale done.hud homes for sale

Since the new owner will be responsible for making needed repairs, HUD strongly urges every potential home buyer to get a professional inspection prior to submitting an offer to purchase. To see current HUD homes for sale in your community, visit HUD Homes and click on your state to begin your search.

The Federal Housing Administration (FHA) is a part of HUD – the part that provides federal mortgage insurance. All papers must be received to the HUD agents office within 48 hours of the bids acceptance. HUD homes often sell for anywhere from 30{4ebaaaf11605e777c095b95ec291d6177479c3aef157f5accbc77e39ee4bfa7d} to 60{4ebaaaf11605e777c095b95ec291d6177479c3aef157f5accbc77e39ee4bfa7d} less than their market value, simply because they are foreclosures.hud homes for salehud homes for sale