What is a HUD home?

Often there is insurance for the lenders of real estate loans. Some loans are insured by the government. The department of the Federal Housing Administration (FHA) is involved in these loans and insurance. If this loan is foreclosed on, FHA pays the lender and ownership of the home is now taken by the Housing and Urban Development government office (HUD). This HUD home now can be put up for sale. This is usually done through an auction process.

HUD contracts companies, which hire brokers and other companies to sell the homes. I am a registered Broker/Agent to use special contracts and on-line bidding procedures to represent buyers. My first real estate transactions were HUD homes many years ago. I’ve seen changes come with the use of the internet in this process, but it all comes down to experience and helping you receive the best deal on your personal residence or investment property. I know how to save you money and still win the bid.