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How do I buy HUD properties?

Almost anyone can buy a HUD home! If you have the cash or can qualify for a loan (subject to certain restrictions) you may buy a HUD Home. HUD Homes are initially offered to owner-occupant purchasers (people who are buying the home as their primary residence). Following the priority period for owner occupants, unsold properties are available to all buyers, including investors.

Bids to buy HUD properties must be submitted during the bid period through a registered real estate broker. Your agent will generally submit your bid using HUD's web-based, electronic bidding process. A computer system stores the bids until the end of the offer period, which is the bid opening date, and automatically performs the calculations to determine which bid offers the highest net proceeds. If you are the winning bidder, the M&M Contractor, acting on behalf of HUD, will notify your agent who will then notify you. The agent must then submit your signed sales contract (on the HUD-9548 form) within 48 hours, reflecting the offer that was made electronically and that became the winning bid. The agent should have all the paperwork you need. Once your contract is submitted and approved, HUD will ratify the contract and schedule your settlement date to occur within 30-60 days. All properties available for purchase by the public are offered for sale at Internet listing sites maintained by management companies under contract to HUD. Any real estate broker registered with HUD may submit an offer and contract to purchase on your behalf. HUD pays the real estate broker's commission, if included in the contract. 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