HUD is the abbreviation for the U.S. Department of Housing and Urban Development, a government agency who’s primary purpose is to promote and develop home ownership and housing in the United States. However, it’s important to realize that there are a few restrictions for investors seeking a HUD home for purchase. To learn more on how you can buy homes for sale by the US federal government, you go to You will find a lot of information, guide and tips on how you can submit a bid.
If a HUD home is on the market for an extended period, they may take even less. The popularity of foreclosure homes as investments have made them the most sought after properties in the real estate market, thus they do not remain unsold for long. Sure, some sources that deal in the financial world have implied that it will be bank foreclosures of cheap homes that will continue to dominate in the 2nd half of 2012.
HUD homes are sold through an auction process; once the deadline is past and bids are in, HUD reviews its options. From what I was able to find out, the house was foreclosed, it went on to a scheduled sheriffs auction”, the auction never took place or got canceled because HUD took possesion and supposedly is now letting him live there almost rent free.
If you have the money or are pre-approved for a mortgage, you can buy HUD homes. As a hud registered broker, I serve all HUD areas in Los Angeles, San Fernando Valley, Antelope Valley, Orange, Riverside, San Bernardino, Kern, and Ventura. This program, called the Good Neighbor Next Door, provides teachers, police officers, firefighters, and EMTs with a 50% discount off the list price of eligible HUD homes.
HUD opens bids on the next business day after the 5 day owner occupant bid period is over. The US Department of Housing and urban Development (HUD) has a lot of listings of for sale homes. However, it’s important to understand the different facets of both the foreclosure process and the HUD Program.