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What should I be aware of with HUD Properties?

Even though HUD property listings are available to the general public, there is an initial period during which only owner-occupants can submit bids. At the end of the period, if the properties have not sold, the bidding is opened up to both owner-occupants and investors. Properties available to investors are noted in the database.

Also, make sure that your contract package is complete and that it exactly matches your bid. The package, with a copy of the pre-qualification letter and cashier's check for the earnest money amount, must be received within 48 hours after the bidding closed. Otherwise, HUD requires the M&M Contractor to cancel your bid and return the property to the market or offer it to the next highest bidder. Before you buy anything, you’ll want to know exactly what it is you’re getting. With something as important as your home, you can’t know too much. That’s why it’s a good idea to get a professional inspection of your home — even before you make the offer. HUD strongly urges every home buyer to get a professional inspection, whether you’re buying a HUD Home or not. HUD Homes are sold in “as-is” condition. That means you agree, if you buy the home, to accept it in its present condition. HUD does not pay for the correction of defects in existing homes that it sells or on homes purchased with FHA-insured mortgages. The owner of the home will be responsible for needed repairs. Therefore, be sure of the condition of the home before you submit your offer. HUD properties are typically in the US only.

This series of articles is brought to you by A. Mark Argentino and other real estate related resources, including Canadian Real Estate Association CREA and the Ontario Real Estate Association OREA. Back to list of Real Estate Helpful Articles

Whether you are interested in a Power of Sale Property, a Foreclosure Sale or a regular property purchase, I can assist you with all of the complexities when you purchase or sell your next property.  Please don't hesitate to email me If you have any questions or require further information, please send me an email. Thank you, Mark Argentino Read about Power of Sale, Bank Sales and Foreclosure Properties FAQ's Read a very detailed section about Power of Sale and Foreclosure or go back to list of Real Estate Helpful Articles